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October 31, 2023

Altcoins Rallying as Bitcoin and Ethereum Gain Traction: Market Insights

Priya Sharma
Written byPriya SharmaWriter
Researched byNikos PapadopoulosResearcher

Introduction

A market intelligence platform has identified several altcoins that are expected to continue rallying as traders focus on Bitcoin (BTC) and Ethereum (ETH). According to crypto analytics firm Santiment, these altcoins are experiencing an increase in new wallet addresses and rising prices.

Altcoins Rallying as Bitcoin and Ethereum Gain Traction: Market Insights

Altcoins Seeing Growth

Santiment highlights nine altcoins that are gaining traction: Polygon (MATIC), Decentraland (MANA), Fantom (FTM), and Pepe (PEPE), among others. These altcoins have witnessed spikes in new wallet addresses, indicating growing interest and potential for price appreciation.

Shift Away from Equities

Both Bitcoin and altcoins are moving away from their reliance on the equities markets, which could signal the start of a bull market. Santiment suggests that the recent surge in Bitcoin's price, coupled with the growth of crypto market caps while the S&P500 declines, indicates a shift in market dynamics.

ETF Listings Boosting Momentum

The upcoming release of spot market Bitcoin exchange-traded funds (ETFs) is further fueling the momentum in the crypto markets. Santiment notes that the optimism surrounding the potential ETF listings, including Blackrock's iShares relisting on the DTCC, has contributed to the recent price increases.

Ethereum's Performance

Santiment also highlights Ethereum's strong performance during the recent crypto surge. The leading altcoin has seen a surge in whale transactions, reaching a six-month high. Additionally, the supply of Ethereum on crypto exchanges is at its lowest level since 2015, indicating increased holding and reduced selling pressure.

Conclusion

As traders continue to focus on Bitcoin and Ethereum, altcoins such as MATIC, MANA, FTM, and PEPE are expected to maintain their rally. The shift away from equities and the anticipation of ETF listings are contributing to the positive momentum in the crypto markets. Furthermore, Ethereum's impressive performance and reduced supply on exchanges suggest a favorable outlook for the altcoin. Investors should closely monitor these developments and consider diversifying their portfolios to include promising altcoins.

About the author
Priya Sharma
Priya Sharma
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Mumbai-born Priya is India's rising star in the realm of online casino guides. With a knack for fusing traditional Indian gaming narratives with cutting-edge digital dynamics, she's an essential bridge between classic and contemporary gaming for a vast Indian audience.

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