A prominent market intelligence platform says that a handful of altcoins should continue to rally as traders continue to focus on Bitcoin (BTC) and Ethereum (ETH).
In a new thread on the social media platform X, crypto analytics firm Santiment says that nine altcoins – including Polygon (MATIC), Decentraland (MANA), Fantom (FTM), and Pepe (PEPE) – are seeing spikes in new wallet addresses created as well as their prices.
[adinserter block="1"]“As trader focus has been primarily on Bitcoin and Ethereum, mid-caps have quietly seen big network growth rises. With AXS, MANA, FTM, INJ, MATIC, DAI, PEPE, POWR, QNT, & AGIX seeing spikes in new wallets created, prices can continue to climb.”
According to Santiment, both BTC and altcoins are moving away from their reliance on the equities markets, which could be a sign of an upcoming bull market.
“Bitcoin scratched its way to a new 17-month high again today. Even better, crypto market caps are growing as the S&P500 declines. This suggests that BTC’s and altcoins’ 2-year reliance on equities is gone, a typical recipe for bull market conditions.”
Santiment goes on to note that the upcoming release of spot market Bitcoin exchange-traded funds (ETFs) are fueling the momentum for the crypto markets.
“Crypto markets have continued to stay high Wednesday. Bitcoin and other prices are being fueled by optimism surrounding the impending exposure rise from probable ETF listings. With Blackrock’s iShares relisted on the DTCC (Depository Trust and Clearing Corporation), we saw yet another boost.”
Moving on to Ethereum, the crypto analytics platform says the leading altcoin by market cap has fared well during the last crypto surge and that whale transactions centered around ETH are at a six-month high. Santiment also says that Ethereum’s supply on crypto exchanges is the lowest it has been since 2015.
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