2024-11-29 16:00 |
For weeks, altcoins have hinted at a potential breakout, with signs they may soon outperform Bitcoin (BTC), which has dominated the market for most of the year. However, not all the most talked-about altcoins trending today have seen price gains in the last 24 hours.
While some have shown strong performance, others have lagged behind. According to CoinGecko, today’s top trending altcoins include Hyperliquid (HYPE), (VIRTUAL), and Vector Smart Gas (VSG).
Hyperliquid (HYPE)Hyperliquid is a Layer-1 blockchain that facilitates trading on its decentralized perpetual exchange and has a native token with the ticker “HYPE.” HYPE is one of the top altcoins trending today. Basically, it has its Token Generation Event (TGE) today and airdropped some tokens to its early users.
According to the project, the airdropped tokens represent 31% of its total supply, which equals 310 million tokens. At press time, HYPE’s price trades around $3.81 and has yet to be listed on any centralized exchange.
However, there is speculation that HYPE might soon be listed on tier-1 and tier-2 exchanges. If this happens, the trading volume might increase, and the price is likely to jump.
Hyperliquid Price Chart. Source: BeInCrypto Virtuals Protocol (VIRTUAL)Virtuals Protcol is a project operating on the Base network, focusing on Artificial Intelligence (AI) and the Metaverse narrative. VIRTUAL, its native cryptocurrency, is one of the most talked-about altcoins trending today because its price has increased by 50% in the last 24 hours.
This development is similar to the recent hike in the prices of Metaverse tokens, including The Sandbox (SAND) and Decentraland (MANA). As of this writing, VIRTUAL’s price is $1.36.
The daily chart shows that the Moving Average Convergence Divergence (MACD) reading has increased, indicating bullish momentum around the cryptocurrency. If this continues, the price could rally above $1.56.
Virtuals Protocol Daily Analysis. Source: TradingViewOn the other hand, if the hype around Metaverse tokens subsides and selling pressure increases, this might not happen. Instead, VIRTUAL’s value could drop to $0.52.
Vector Smart Gas (VSG)Like Hyperliquid, Vector Smart Gas (VSG) is not listed on any centralized exchange. The token, which is built on Ethereum, was among the trending altcoins on November 27. Its appearance on the list again suggests that interest in the token is still present.
However, unlike the last time, VSG’s price did not increase but has seen a 13.50% decrease in the last 24 hours. This decline could be linked to rising selling pressure which the volume on the daily chart showed has increased.
Vector Smart Gas Daily Analysis. Source: TradingViewShould this remain the case, then VSG’s price might drop from $0.0057 to $0.0037. However, if buying pressure increases, this might not be the case. In that scenario, the altcoin could bounce to $0.0071.
The post Why These Altcoins Are Trending Today — November 29 appeared first on BeInCrypto.
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