The crypto market has faced challenges over the past eight weeks, leading many retail investors to temporarily exit or hold their assets until market sentiments improve. Despite the general decline in asset values, the on-chain intelligence platform Santiment has identified signs of recovery in some alternative cryptocurrencies. According to a report from the firm, altcoins with large capitalizations like Ripple (XRP), Binance Coin (BNB), Tron (TRON), and Stellar (XLM) have been quietly gaining traction and even surpassing Bitcoin (BTC) in price dominance.
**Altcoins Rebound Amid the Dip**
By analyzing on-chain activities of various crypto projects, Santiment found some showing increased network utility, active address counts, whale activity, and social sentiment. This is reflected in Santiment’s Activity Matrix, which tracks data for 114 prominent cryptocurrencies in eight categories over a three-month period. The Activity Matrix suggests certain projects might reverse their current trends soon. However, many assets are experiencing their lowest network activity in a year, likely due to retail traders waiting for improved market conditions. Among these assets are Pepe (PEPE), Chainlink (LINK), and Shiba Inu (SHIB). Santiment explained that, unfortunately, these projects are more likely to continue their current price trends unless there are sudden spikes in whale transactions or network growth.
**Positive Network Metrics**
Santiment identified top candidates in various Activity Matrix categories, including Dogecoin (DOGE), Pax Gold (PAXG), Magic Token (MAGIC), Audius (AUDIO), Uma (UMA), Joe (JOE), and Threshold (T). Dogecoin is experiencing the highest rise in address activity, indicating more unique addresses interacting on its network. For network growth, PAXG stands out, suggesting rising future utility. Magic Token sees the highest number of transactions valued over $100,000, showing increased interest from major stakeholders. Audius is experiencing a significant rise in positive sentiment within crypto communities, while Uma is a hot topic on social media. PAXG is also a top candidate for exchange outflows, with Joe and Threshold leading in Mean Dollar Invested Age and Age Consumed, respectively.
#Crypto #Altcoins #Santiment #MarketUpdate
