Amid the heightened fear of further crypto capitulation in the coming weeks, some altcoins, led by Starknet (STRK) are gradually presenting opportunities for long-term investors to make more discounted purchases. The anticipated reversal in Bitcoin (BTC) dominance will accelerate the ongoing crypto cash oration to the altcoins.
The recent approval of spot Ether and Solana ETFs, along with clearer crypto regulations in the United States and other regions, has paved the way for broader adoption of altcoins. This is expected to attract more institutional investors to the altcoin space.
Starknet: A Key Player in Buterin’s Portfolio
Starknet (STRK), a permissionless decentralized ZK-rollup based on the Ethereum (ETH) network, has emerged as the second-highest on-chain investment for Vitalik Buterin. According to on-chain data analysis, Buterin’s associated address has unlocked 1.268 million STRK, worth about $470k.
As a result, Buterin currently holds a total of 2.11 million STRK units, worth about $809k. Buterin’s STRK holdings are the second largest, with the Ether holdings worth more than $600 million.
Buterin has clarified that he has never sold his major crypto holdings, except for making donations to web3 projects. This suggests he will likely remain a significant STRK holder in the future.
Starknet’s Growing DeFi Influence
The Starknet network has attracted dozens of DeFi platforms seeking to build on the Ethereum ecosystem. As of this report, the young project had a total value locked of about $233 million and a stablecoins market cap of around $87 million.
Remarkably, Starknet’s TVL has grown from below $50 million to the current value year-to-date, suggesting rising web3 activity. Some of the top DeFi projects leveraging the Starknet protocol include Ekubo, Nostra, zkLend, and Nimbora, among others.
STRK Price Analysis
Technically, STRK’s price shows signs of a potential reversal after being in a downtrend for five months. The altcoin, with a fully diluted market cap of about $3.8 billion and an average daily trading volume of around $89 million, appears to be forming a triple bottom on the daily chart.
Additionally, a rising divergence on the Relative Strength Index (RSI) suggests a possible bullish breakout.
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