A prominent market intelligence platform says a handful of altcoins should continue to rise as traders continue to focus on Bitcoin (BTC) and Ethereum (ETH).
In a new thread on social media platform X, crypto analytics company Santiment say that nine altcoins – including Polygon (MATIC), Decentraland (MANA), Fantom (FTM) and Pepe (PEPE) – are seeing spikes in new wallet addresses being created, as well as in their prices.
“As traders’ focus has been on Bitcoin and Ethereum, midcaps have quietly seen major network growth. With AXS, MANA, FTM, INJ, MATIC, DAI, PEPE, POWR, QNT and AGIX seeing spikes in new portfolio creation, prices may continue to rise.”
According to Santiment, this includes both BTC and altcoins to move house of their dependence on the stock markets, which could be a sign of an emerging bull market.
“Bitco today again found its way to a new 17-month high. In fact, the market cap of cryptocurrencies grows as the S&P500 falls. This suggests that BTC and altcoins’ two-year dependence on stocks is gone, a typical recipe for bull market conditions.”
Santiment continues remark that the upcoming release of Bitcoin Exchange-Traded Funds (ETFs) into the spot market is fueling momentum for the crypto markets.
“Crypto markets remained high on Wednesday. Bitcoin and other prices are fueled by optimism surrounding the looming increase in exposure from likely ETF listings. Now that Blackrock’s iShares have been re-listed on the DTCC (Depository Trust and Clearing Corporation), we have seen further momentum.”
We move on to Ethereum, the crypto analytics platform say the leading altcoin by market cap has done well during the latest crypto wave and that whale transactions around ETH have reached a six-month high. Santiment also says that Ethereum supply on crypto exchanges is the lowest since 2015.
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Generated image: Midjourney