Market research firm Santiment has identified five altcoins that are potentially ready for growth as they approach what could be their lowest points. Despite the current market fluctuations, with Bitcoin and Ethereum holding their positions, these five altcoins are entering opportunity zones where traders may see significant upside potential.
Altcoins Poised for Potential Growth
Santiment’s analysis highlights Litecoin (LTC), decentralized exchange token Serum (SRM), peer-to-peer collaboration tool token Radicle (RAD), non-fungible token (NFT) creation and validation tool token VIDT Datalink (VIDT), and metaverse ecosystem token Highstreet (HIGH) as the cryptocurrencies showing signs of bottoming out. These altcoins have experienced a decline in value, causing traders to experience losses, but are now entering a phase where they could see considerable growth.
With these altcoins in opportunity zones, investors who have been holding on through the downturn may soon find relief, as the market conditions could pave the way for a rebound in value. It’s essential for traders to stay informed and monitor the performance of these altcoins to capitalize on potential growth opportunities.
Bitcoin’s Supply on Exchanges Decreases
In a separate tweet, Santiment also highlighted the recent activities of one of Bitcoin’s largest whale addresses, a Binance cold wallet. Through four transactions, this wallet has moved $2.26 billion worth of BTC out of its possession. As a result, Bitcoin’s supply on exchanges has dropped from 6.78% to 5.84%.
This decrease in the amount of Bitcoin on exchanges is now at its lowest ratio since December 2017, marking a five-and-a-half-year low. This shift indicates an increased interest in self-custody for traders and suggests that there may be less Bitcoin at risk of being sold back to exchange wallets. The trend toward self-custody could contribute to greater stability and security in the cryptocurrency ecosystem, says Santiment.
Source: https://coinpedia.org/altcoin/santiments-top-5-altcoin-picks-for-the-next-bull-run/