Crypto analytics firm Santiment is drawing attention to a trio of altcoins.
Santiment reports that, along with Ethereum, crypto projects The Graph (GRT) and Sentivate (SNTVT) are looking strong heading into July.
[adinserter block="1"]Highlighting address activity for the indexing protocol The Graph, which has a market cap of $1.7 billion, Santiment points out that while activity is high, deposits are low.
According to the firm, that’s “a good sign that prices can naturally grow.”
GRT is up nearly 20% in the past week, according to CoinGecko.
Another altcoin with a healthy address activity to deposit ratio, according to Santiment, is ERC20 utility token Sentivate (SNTVT), which has a $25 million market cap at time of publishing.
Altcoins on the whole are having a “resurgence” in the past few days, says Santiment, as ETH’s address activity jumped on June 27th, surpassing Bitcoin’s.
Santiment also cautions that decentralized finance (DeFi) lending and borrowing protocol Compound (COMP), with a market cap of $1.8 billion, is surging as of late, but may be reaching a local top.
“A big spike in social volume + exchange inflow starting to spike + NPL (network profit loss) starting to spike. Perhaps for now we might be approaching a local top. Or at least a consolidation period. Especially if the deposits spike end up being strong.”
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