- Ethereum metrics remained bearish.
- However, XRP and BNB looked bullish.
While all eyes remain focused Bitcoin [BTC] Halving would allow altcoins to quietly take the crown while planning a bull rally.
According to the latest data, Altcoin’s market capitalization had reached a level that was historically followed by price increases.
That’s why AMBCrypto checked the best alts like Ethereum [ETH], BNBAnd XRP to see if history would repeat itself.
Altcoins are preparing for a rally
Bitcoin is expected to undergo its fourth halving soon. Once executed, the mining reward will be reduced by 50%, from the current 6.25 to 3,125 bitcoins.
The previous halving took place in 2020, when BTC’s block reward was reduced from 12.5 to 6.25. At a time when everyone was keeping a keen eye on BTC, altcoins were trading interestingly.
Titan of Crypto, a popular crypto analyst, recently posted tweet attention to the market capitalization of altcoins. According to the tweet, the Fibonacci retracement level was at 61.8% on the monthly chart.
If we consider history, every time the metric reached that level, altcoins started bull rallies in the following days. To be precise, similar incidents occurred in 2021 and 2016.
Will ETH, BNB and XRP lead?
At the time of writing, altcoins were struggling. To see if the trend could change, allowing them to start a bull rally, AMBCrypto first analyzed the condition of ETH.
Our analysis of CryptoQuant’s facts revealed that ETH’s net deposits on the exchanges were high compared to the average of the past seven days, indicating that buying pressure was weak.
In fact, selling sentiment among funds and trust investors was high, as evidenced by the red Funds Premium. Derivatives investors also sold ETH as the buyer’s buy/sell ratio turned red.
Source: CryptoQuant
Next, let’s see how XRP has done. According to CoinMarketCap, XRP is down more than 20% in the last seven days. The price drop caused accumulation as buying pressure soared.
AMBCrypto’s analysis of Santiment’s data revealed that XRP outflows spiked on the exchange. The fact that buying pressure was high was also evident from the supply on the stock exchanges, which fell last week.
Investors also felt confident in XRP as the positive sentiment chart remained high.
Source: Santiment
Things also looked quite optimistic for BNB. While most cryptos bled, BNB held up well, with its value rising 1.3% in the past 24 hours.
Read Binance Coins [BNB] Price prediction 2024-25
As the price of the coin increased, so did the Open Interest. An increase in the numbers indicates that the situation continues the price development could continue further.
Looking at the bigger picture, if XRP and BNB’s metrics translate into bull rallies, they could take the lead next altcoin season while being halved after Bitcoin’s halving.
Source: Santiment
