On Thursday Filecoin (FIL) started trading throughout major exchanges over three years after its initial coin offering.
Upon listing, the token traded at extremely different prices across numerous exchanges and while the premium shows there is still a cravings for altcoins, investors interpreting the rallies from FIL and Polkadot (DOT) as the start of an altseason might be dissatisfied.
Hours after trading started, leading cryptocurrency exchanges including FTX, Binance, and Gemini revealed that they would promptly note the altcoin. The token saw substantially various prices throughout platforms due to a combination of restricted liquidity and supply.
The 15-minute chart of Filecoin (FIL) after the FTX listing. Source: TradingView.com
Hours after the FTX integration, the FIL futures contract processed $150 million in trading volume. FTX CEO Sam Bankman-Fried stated:
“$ FIL has traded about $150m up until now. Approximately 60% of the volume has actually been on FTX! Begun around $30, increased to $80 on FTX and $200 on other exchanges, now around $40-$ 80 on various exchanges.”
Traders expect an uninteresting fourth quarter
Historically, the 4th quarter has actually been reasonably slow for the whole crypto market and in 2018 and 2019 BTC saw losses versus the U.S. dollar throughout Q4.
Based on historic trends and what seems the end of an explosive multi-month rally, traders anticipate an extracted consolidation phase as the next step for the crypto market.
Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, suggested that an altseason in early 2021 is most likely. He composed:
” I do believe well be seeing a fairly boring and corrective quarter on the cryptomarkets. $BTC dominance to run up, to have an altseason in Q1 2021.
The Bitcoin supremacy index. Source: CoinMarketCap.com
The supremacy index is usually an accurate measurement to evaluate the trend of the altcoin market and many traders believe that a decrease in Bitcoin dominance if followed by increasing bullish momentum in the altcoin market.
Bitcoin supremacy is increasing
According to the data from CoinMarketCap, the Bitcoins dominance versus the remainder of the cryptocurrency market has actually been climbing.
Because Sept. 21, the Bitcoin dominance index increased from 58.28% to 58.6%. Although this is not a significant boost, it shows a clear recovery from an extended decline throughout the past year.
DeFi tokens are still struggling to rebound
In early October, scientists at Santiment stated the crucial to assessing the possibility of an altseason is the volume of decentralized exchanges. They stated:
Uniswap day-to-day volume since July. Source: Uniswap
As revealed above, Uniswap volume has actually remained in a constant decrease. At the exact same time, altcoins remain flat and the altcoin overall market cap index reveals a similar decline in volume.
The secret may extremely well be in #DEX trading volumes. Taking an appearance at #Uniswaps trading volume, this trendline breaking may really well be the leading sign to foreshadow the next #alt boom.”
“$ FIL has actually traded about $150m so far. Approximately 60% of the volume has been on FTX! Begun around $30, went up to $80 on FTX and $200 on other exchanges, now around $40-$ 80 on numerous exchanges.”
” Are we anywhere close to #altseason yet? The secret might extremely well remain in #DEX trading volumes. Having a look at #Uniswaps trading volume, this trendline breaking may effectively be the leading indicator to foreshadow the next #alt boom.”