Why the DeFi Token Led
CRVthe native cryptocurrency for decentralized lending protocols curve Finance, has become the best performing altcoin in the top 100. The price of CRV has increased by approximately 10% in the past 24 hours.
The development comes at a time when many cryptocurrencies have struggled to perform strongly since the start of the week. Here’s a breakdown of how altcoins are leading the way.
Curve whales, investors hold their ground
Yesterday, Curve’s price was around $0.98. However, it has since surged to $1.17, surpassing other altcoins in the market. Notably, CRV also outperforms other tokens in decentralized finance (Decentralized Finance) basic knowledge, e.g. AAVE and Athena(ENA).
According to BeInCrypto’s analysis, CRV’s strong performance Much is driven by the sentiment of short-term holders. Data from IntoTheBlock shows that the number of short-term CRV holders has increased significantly in the past seven days.
For context, these addresses represent unique wallets that acquired altcoins within the past 30 days. An increase in these addresses indicates a bullish outlook for short-term price action, while a decrease indicates the opposite. Therefore, the surge in short-term holders suggests that CRV’s value may continue to climb.
Additionally, Santiment’s on-chain data also suggests that crypto whales also played a role. Typically, when whales accumulate more coins, the price tends to increase. On the other hand, when they sell, it causes the price of the cryptocurrency to fall,
As shown in the figure below, CRV address Balances holding 1 million and 10 million tokens increased.
As of December 5, the balance of these addresses was 368.24 million. Today, this number has increased to 376.38 million. If this continues, the price of CRV may continue to rise.
CRV Price Forecast: Still Bullish
Bull Bear Power (BBP) has remained in positive territory on the CRV/USD 3-day chart. BBP compares the strength of buyers (longs) and sellers (shorts). Bulls have the upper hand when the indicator reads positive with a green histogram.
On the other hand, red bars with negative readings favor bears. Since CRV is the former, this means Altcoin value may be here to stay Jump ahead in the days ahead.
If the trend holds, CRV is likely to maintain its position as the top-performing altcoin with possible targets above $1.35 and as high as $1.70. However, if the bears take control, this symbol Decentralized Finance Protocol It may slip to $0.62.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
