Why These Altcoins Are Trending Today — February 7

The cryptocurrency market has been in a downturn this week, with many digital assets facing continued price declines. Today is no different, with the global crypto market cap down by 2% over the past 24 hours. 

Amid this broader slump, certain altcoins are drawing attention—not for their gains but due to recent ecosystem developments.

Berachain (BERA)

Berachain officially launched its “proof-of-liquidity” layer-1 blockchain on Thursday. The project also conducted its BERA token airdrop, which saw the distribution of coins worth around $1.17 billion to its community members. 

However, this airdrop was immediately followed by a surge in selloffs, which led to a decline in the coin’s value. BERA trades at $7.39 at press time, noting a 17% price dip in the past 24 hours. 

Notably, during that period, the coin’s trading volume surged by over 150,000%, reflecting the high selling pressure among BERA holders. A falling asset price alongside rising trading volume indicates strong selling pressure. It suggests that more traders are offloading the asset, putting downward pressure on its price.

If selloffs persist, BERA’s price could plummet to $5.36. Without sufficient bullish support at this level, the coin’s price could drop further to $3.89.

On the other hand, if BERA’s accumulation rises again, its price could climb to $8.47.

Ondo (ONDO)

RWA-based asset ONDO is another altcoin trending today. The major factor driving this is Ondo Finance’s Thursday announcement of its plans to start its layer-1 blockchain designed for tokenized real-world assets.

Following the announcement, World Liberty Financial—a decentralized finance (DeFi) platform backed by President Donald Trump—purchased 42,000 ONDO tokens for $470,000 USDC on the CoW Protocol.

However, despite these developments, ONDO’s performance has remained lackluster. It has shed 0.1% of its value over the past 24 hours. At press time, the altcoin trades at $1.40. 

If ONDO’s demand weakens further, it could extend its decline in the short term, causing its price to plummet to $1.23.

However, a shift in market trends toward accumulation could drive ONDO’s value up to $1.57.

Notcoin (NOT)

At press time, NOT trades at $0.0026. It has lost 40% of its value over the past week. In fact, on Monday, the altcoin plunged to a nine-month low of $0.0021 before rebounding slightly.

Its Elder-Ray Index confirms the poor demand for NOT among market participants. At press time, this is at -0.0019. This indicator measures an asset’s buying and selling pressure by comparing its price to its exponential moving average (EMA).

When the index is negative, it indicates that bears are in control, meaning selling pressure is dominant, and prices may continue to decline. If NOT’s decline continues, its price could revisit Monday’s multi-month low.

Conversely, if buying activity resumes, it could drive NOT’s value to $0.0039.