BEFE Coin: The New Contender That Could Outperform ETH Coin and Ethereum USD in the Imminent Bull Cycle

Growing tensions between Israel and Iran triggered massive sell-offs following the start of a bearish trend on Monday. However, analysts are confident

The cryptocurrency market took a bearish turn on Monday, leading to massive sell-offs and a decline in the prices of several tokens. However, some analysts remain optimistic, predicting a shift in the current market momentum and advising investors to "buy the dip" in anticipation of an upcoming bull market.

Among the tokens experiencing a recovery following a bearish start to October are ETH coin and Ethereum USD. Both tokens have recorded a steady increase in market value over the last 48 hours.

One token that has consistently attracted attention and is poised for a strong performance in the upcoming bull cycle is BEFE coin, which is generating buzz among market observers.

In this article, we will delve into the key aspects of BEFE coin and explore why it has the potential to outpace ETH coin and Ethereum USD during the bull market.

ETH Coin Holders Sell Off as Market Turns Bearish

As observed on the price chart, the ETH coin took a significant downturn following the broader bearish trend in the global market. Commencing Monday, ETH coin holders began to sell off their holdings.

The total holding addresses for ETH coin currently stand at 237.32M. Among these addresses, approximately 46.65% have held ETH coins for a period of at least one year, indicating a long-term investment strategy. On the other hand, nearly 44.18% of the addresses have held their Ethereum USD holdings for less than a year, suggesting a more frequent trading approach, with ETH coins being sold off within a year.

Meanwhile, Ethereum USD has fallen victim to the rising global liquidity, which has been evident since the start of the bearish market phase on Monday. On Tuesday, an early adopter of ETH coin made headlines by swiftly liquidating his Ethereum USD holdings, amounting to $47.5M, over a 48-hour period.

At the time of writing, ETH coin is valued at $2,413, having experienced a moderate daily gain of around 3.0%. Technical indicators suggest that Ethereum USD may find support at the $2,400 level.

Despite ETH coin's overnight recovery, which has instilled optimism among Ethereum USD investors regarding a rebound, the overall positive sentiment towards ETH coin has diminished substantially. This factor could contribute to a prolonged period of price stagnation for Ethereum USD.

Should Ethereum USD continue to consolidate, its holders may opt to sell off more of their Ethereum USD tokens and shift towards promising tokens like BEFE coin.

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