February 22, 2024
Crypto

Crypto Market Bull Run: These Altcoins Are Best Bet Right Now – Santiment Report


As the cryptocurrency market teeters on the brink of a potential bull run in the next 24 months, all eyes are on the altcoin sector, with projections pointing towards a mammoth $4.5 trillion market cap. This significant growth is fuelled by a surge in Web3 and digital asset adoption involving institutional investors and retail traders.

Bitcoin’s Current Landscape

Bitcoin (BTC), the pioneer in the crypto space, has recently encountered a major challenge in surpassing the $44,500 mark. Despite an impressive performance in the fourth quarter, the price of Bitcoin is experiencing resistance, as indicated by a triple top formation and a bearish divergence on the daily Relative Strength Index (RSI). This short-term weakness is further intensified by a notable shift of investments from BTC to altcoins and profit-taking activities.

Emerging Altcoins to Watch

Medium-capped altcoins such as Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Binance Coin (BNB) have recently shown a rising trajectory. On-chain data from Santiment reveals that major holders of Ethereum (ETH), Shiba Inu (SHIB), Fetch.ai (FET), and Dent (DENT) are moving their assets away from exchanges. This trend of withdrawing crypto assets from exchanges typically signals a bullish outlook, as it reduces the selling pressure on the market.

Institutional Moves in the Crypto Space

The burgeoning interest in the altcoin market is not limited to individual investors. Institutional players and retail traders have been pivotal in driving the mass adoption of Web3 and digital assets. The global crypto user base has surpassed 425 million, indicating a robust and growing market.

Financial analysts suggest that the current shift in investment from Bitcoin to altcoins could signify the beginning of an ‘Altseason,’ where altcoins potentially outperform Bitcoin. They recommend closely monitoring emerging altcoins, especially those showing significant withdrawal from exchanges.

Conclusion:

As the crypto market evolves, positioning a portfolio with the right altcoins could be crucial for capitalizing on the impending bull run. Investors are advised to stay informed about the latest market trends and to consider the growing influence of institutional investments in shaping the future of digital assets.



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