During the recent market recovery, where Bitcoin recently surpassed the $28,000 mark, cryptocurrency analysis firm Santiment detected significant profit-taking activity in the altcoin space. The rise of Bitcoin has attracted great attention. Meanwhile, a handful of altcoins, including Aave (AAVE), Cardano (ADA), and Curve Finance (CRV), exhibited extraordinary trading volumes in profit-taking situations during the brief rally. On the other hand, Santiment pointed to growth in activity for five separate altcoins. Here are the details…
Santiment highlights unique altcoin behavior
As we reported as Kriptokoin.com, Santiment is an analysis platform followed by a wide audience. In the cryptocurrency market where there are thousands of coins, Santiment’s existence is very valuable for users. Because monitoring anomalies in cryptos would otherwise be quite difficult. Therefore, Santiment’s tweets are also of great importance. Most recently, Santiment’s analysts have been keeping a close eye on the crypto market, highlighting the unique behavior of these three altcoins during the recent partial recovery. According to their data, the ratio of daily on-chain transaction volumes in profit to daily on-chain transaction volumes in loss experienced a significant increase for AAVE, ADA and CRV. This increase in profit-taking activity indicates that users are taking advantage of the rising prices of these altcoins during the boom period.
📈 There were several price rebounds during #Bitcoin's visit above $28K to open October. And three #altcoins in particular ( $AAVE, $ADA, and $CRV ) had opportunists moving coins during the short profit window. They could have potential decouples coming. https://t.co/E14ek3ypwR pic.twitter.com/1CoVyxBwNI
— Santiment (@santimentfeed) October 2, 2023
According to Santiment, such behavior indicates the potential for high volatility, both up and down, for these particular cryptocurrencies in the near future. The unique characteristics of AAVE, ADA, and CRV have led analysts to suggest that they may exhibit divergent movements relative to the broader market in the coming days and weeks. Traders and investors are advised to keep a close eye on these altcoins as they navigate the volatile crypto environment.
Activity increases in five cryptocurrencies
Santiment’s analysis went beyond these three altcoins, highlighting interesting developments in other cryptocurrencies as well. Despite markets cooling for two days in a row, several altcoins are experiencing an increase in the number of unique addresses interacting with their networks. Santiment identified the following cryptocurrencies with increased activity:
- Bitcoin Cash ($BCH)
- Smooth Love Potion ($SLP)
- Mask Network ($MASK)
- LeverFi ($LEVER)
- Civic ($CVC)
📈 Despite markets cooling off for a 2nd consecutive day, several #altcoins are seeing rises in the amount of unique addresses interacting on their networks. Keep an eye on $BCH, $SLP, $MASK, $LEVER, & $CVC. Also, #crypto's top #stablecoin, $USDT. https://t.co/DDsQFKVCoz pic.twitter.com/x5vfwabMml
— Santiment (@santimentfeed) October 4, 2023
Santiment also points out the resilience of Tether (USDT), the crypto market’s top stablecoin, during this period of market fluctuations. As the crypto market continues to evolve and respond to various factors, traders and investors are encouraged to stay informed about the dynamic behavior of these altcoins and stablecoins. Santiment’s ongoing analysis provides valuable insight into emerging trends in the cryptocurrency ecosystem.
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