Biggest Crypto Gainers Today on Uniswap – INJ, PRIME, IMX
While Bitcoin is dropping by more than 5% at the moment, the INJ price is gaining traction, making Injective one of the biggest crypto gainers today on Uniswap.
Recent data indicates BTC’s price decline came as investors took profits after Bitcoin surpassed $40,000 last week.
Bitcoin down as much as 10% since this tweet.
Who says On-chain data is not good as short-term indicator?
On-chain data for the win. @cryptoquant_com https://t.co/dubjtZfYqN
— Julio Moreno (@jjcmoreno) December 11, 2023
Julio Moreno, head of research at crypto analytics firm CryptoQuant, noted that the price was overheating following the rally, making a pullback expected as traders cashed out gains. Though not surprising, the drop below $42,000 shows traders remain cautious after the recent peak.
On-chain data from CryptoQuant revealed that mining company Mara Pool distributed some of its Bitcoin holdings after the latest peak, a cautious move hinting that the firm aims to optimize returns while mitigating risks.
Data from analytics provider IntoTheBlock also showed over half of Bitcoin holders were in profit between $35,796 and $48,470, implying many investors were primed to sell around current levels.
The selling pressure pushed Bitcoin down to nearly $40,000 on Monday morning before stabilizing around $41,000 as of writing.
Analysts view the $44,000 level as providing strong resistance, while $40,000 remains an important support area in the short term.
While the outlook remains uncertain in the short run, most experts remain confident in Bitcoin’s long-term prospects heading to the new year.
Despite Bitcoin’s price drop, several altcoins have diverged from the overall market downtrend – notably INJ, PRIME, and IMX, the biggest crypto gainers today on
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