CryptoQuant CEO Ki Young Ju shared some on-chain warnings for some altcoin projects. Meanwhile, the prices of all altcoins except the top stablecoins have fallen in the last 24 hours. Also, the 20 and 50 daily EMAs for ETH are bearish, according to analysts.
CryptoQuant CEO has issued a warning for these altcoin projects!
Ki Young Ju, the co-founder and CEO of CryptoQuant, shared a tweet aimed at altcoin investors. The tweet suggests that altcoin traders “may want to set up alerts on exchange alt deposits to monitor for unusual on-chain activity.” In this context, Young Ju shared the following:
Dear altcoin investors. You may want to set up alerts on exchange sub-deposits to monitor for unusual on-chain activity. They monitor the centralized listing volume, number of TXs for ERC20 tokens. Thresholds are based on standard deviations. Please note that these alerts are not bearish signals that are DYOR at the asset/wallet/tx level.
Dear altcoin traders,
You might want to set alerts on exchange alt deposits to monitor unusual on-chain activities.
They monitor centralized exchange inflow vol, # of TXs for ERC20 tokens. Thresholds are based on standard deviations.
Preset Alerts 👇https://t.co/jmQ0qbUNFC pic.twitter.com/pvFfy2Opm3
— Ki Young Ju (@ki_young_ju) November 16, 2022
The CEO also shared a Google spreadsheet listing some of the on-chain alerts available on the CryptoQuant platform. Ki Young Ju’s chart includes the following altcoin projects: Aave (AAVE), Axie Infinity (AXS), Basic Attention Token (BAT), Chiliz (CHZ), Compound (COMP), Curve DAO Token (CRV), dydx (DYDX) ), FTX Token (FTT), Gala Games (GALA), Chainlink (LINK), Decentraland (MANA), Polygon (MATIC), Makker DAO Token (MKR), Quant (QNT), The Sandbox (SAND), Shiba Inu ( SHIB), Synthetix (SNX), Serum (SRM), Sushin Swap (SUSHI), Uniswap (UNI), and Yearn Finance (YFI).
The latest situation in the cryptocurrency market
Looking at the top 10 altcoins by market capitalization ranked by CoinMarketCap, the prices of these altcoins, other than stablecoins, have dropped over the past 24 hours. Accordingly, the price of the leading altcoin Ethereum (ETH) is down 4.16% in the last 24 hours. Binance Coin, Ripple, Dogecoin, Cardano and Polygon prices followed suit. At press time, the price of BNB dropped 2.53%, XRP 5.22% and DOGE 3.32%. Also, ADA and MATIC were down 3.52% and 7.70% respectively.
The global crypto market cap also fell to $831 billion. The trading volume in the market experienced a significant decrease. This figure reached approximately $63.99 billion at press time.
Daily chart for ETH / Source: CoinMarketCapAccording to analysts, ETH, the 20-day EMA, has triggered a bearish flag on the ETH chart. Since then, ETH has been trying to recover from the local low of $1,073.53. At press time, the leading altcoin is trading at $1,214.
