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DOGE, ETH and LTC Among 3 Most Profitable Coins in This Bullrun: Crypto Market Review, Jan. 16

Mon, 01/16/2023 - 23:50
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Arman Shirinyan
Cryptocurrency market is rebounding, but long-term prospects of this rally questionable
DOGE, ETH and LTC Among 3 Most Profitable Coins in This Bullrun: Crypto Market Review, Jan. 16
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The market has experienced one of the strongest spikes in open interest on derivatives since the implosion of FTX and the bullrun of 2021. Such a dynamic surprised almost every analyst out there. The chaotic nature of the hate rally we are seeing now creates a lot of questions but does not offer any answers. But some assets enjoy it while it lasts.

Big three

The dynamic on assets like Dogecoin, Ethereum and Litecoin has been pretty similar to the rest of the market. Those cryptocurrencies have been gradually moving upward with the rest of the market, even though the preexisting dynamic on the market was not suitable for a proper recovery.

According to profitability indicators, Dogecoin, Ethereum and Litecoin remain one of the most effective investments on the cryptocurrency market as their profitability stays well above the 50% threshold and has reached even higher after the massive rally on the market.

Ethereum is currently bringing a profit to 61% of its investors, making it one of the most profitable digital assets from the top 100 of the market by capitalization. Prior to the rally on the market, Ether has not been showing any signs of a solid recovery, especially at the existing burn rate on the market.

XRP Community Has Hatred for All Things Ethereum, Charles Gasparino Claims

Dogecoin, on the other hand, was steadily moving upward even before the unexpected bullishness hit the market. At the beginning of the year, Dogecoin gained a solid 15% to its value, presenting itself as a strong preliminary indicator for an upcoming market move.

As for the market's digital silver, Litecoin has been moving in a solid uptrend for the last few weeks, which led to the solid rise of the profitability of the cryptocurrency even without explosive spikes of the asset's price performance.

SHIB whales are becoming more active

The activity of whales on the network has been on a massive rise, which has already been reflected in the enormous 5,000% increase of Shiba Inu's burn rate. According to the transaction volume on the network, we saw almost a $200 million increase of operations on the market.

SHIB Chart
Source: TradingView

The current behavior of large Shiba Inu investors shows that most of them have been actively trying to capitalize on the strong price spike and have been actively selling their holdings instead of accumulating more.

Thanks to the increase in retail demand for SHIB, whales are able to cover some of their selling volume without harming the price of the asset. In case of a continuation of the rally, we might see a return of retail demand on the market and the strong rebound of Shib.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.