Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO

Source Fxstreet

Crypto analyst Thor Hartvigsen calculated the Fully Diluted Valuation of altcoins and identified tokens that could face selling pressure.
Hartvigsen noted that four months into 2024, there is a massive increase in the supply of several altcoins.
New tokens expected to be launched this year, alongside unlocks could push supply higher.

Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.

Crypto tokens likely to battle selling pressure

Thor Hartvigsen, Blockchain and DeFi investor has evaluated altcoins and their supply. Four months into 2024, the analyst notes that there has been a massive increase in the supply of altcoins. Hartvigsen has made a list of altcoins:

Crypto

Cryptocurrencies evaluated by Thor

Hartvigsen has evaluated the market capitalization, and Fully Diluted Valuation (FDV) of altcoins including Jupiter (JUP), Athena (ENA), Ondo (ONDO), Wormhole (W), Starknet (STRK), and Dymension (DYM) among others.

The expert states that $8.6 billion in additional liquid supply has been injected into the market, within the past four months of 2024. Another $70.5 billion in total unlocks is lined up in the coming years, says Hartvigsen.

The metric float is derived by dividing the market capitalization of an asset with its FDV. The average float for new tokens is 13.6%, and the analyst notes that this is the tip of the iceberg when it comes to new tokens coming in 2024.

Several categories, modular infrastructure, bridges/ cross-chain messaging, liquid re-staking tokens, EigenLayer, Ethereum scaling Layer 1, 2 and 3, Perp DEXes are set to see several new tokens.

Add this to the scheduled unlocks from 2023 and prior, several cliffs are ending this year. Cliff unlocks refer to the release of tokens held in a locked state on a specific date. Several altcoins will see their cliffs ending in 2024, meaning a large supply of these tokens will enter circulation, in a market that is already flooded with consistent liquidity injections.

Prominent assets among the above are JUP, END, ONDO and W, the top four cryptocurrencies with market value that exceeds $1 billion. Several other assets in the list are Binance Initial Exchange Offering (IEO) tokens.

Market participants need to take a note of these altcoins and watch for increase in circulating supply, rising selling pressure could push prices lower.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

Sep 16, Wed

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Yesterday 01: 32

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

19 hours ago

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Popular Symbols