Altcoins
Cryptocurrency Analyst Identifies 6 Overlooked Altcoins That Could Be Due for a Price Rise
With tens of thousands of altcoins circulating on the market, cryptocurrencies investors can easily miss the next 100x coin because it is not on their radar. This is often not the investor’s fault, as it can be difficult to keep track of so many coins. As a result, a Santiment analyst outlined a total of 6 overlooked altcoins that could be primed for a rally.
Crypto Analyst Showcases Altcoins Using Network Activity
As the crypto analyst pointed out in Santiment job, the described altcoins were chosen due to a slight increase in their network activity. These tokens may have remained under the radar but their activities have spread trading volumesthe growth of the network and the large number of transactions, among others, have attracted attention.
“The juiciest opportunities lie in projects that may not have seen special price decoupling recently, but yet have strong growth in network growth, or whale transactions and accumulation.” He further added that these projects are “at a minimum likely to have some increased volatility due to additional activity that has not existed on their respective networks for some time.”
1 – Bancor (BNT) appears at the top of the Altcoins list
As noted in the article, the Bancor Network, a permissionless protocol that caters to open source DeFi protocols, has seen a notable increase in its network metrics. This covers high transaction volumes, active addresses, network growth, whale transactions, exchange flows, and destroyed (consumed) age. This could be the precursor to a rise in the price of BNT.
Source: Santiment
2 – Cartesi (CTSI)
The Cartesi network of application-specific rollups, featuring a Linux runtime, also saw an increase in metrics similar to Bancor, which could signal an increase in its native CTSI token. This also covers “high transaction volume, active addresses, whale transactions, destroyed (consumed) age,” as stated in the article.
Source: Santiment
3 – Holo (HOT)
Holo (HOT) on Holochain enables Peer-To-Peer (P2P) applications and is on this list primarily because of its whale transactions. Santiment’s post shows an increase in whale accumulation among addresses holding between $100,000 and $1 million, as well as high whale transactions, exchange flows, and destroyed age (Consumed).
Source: Santiment
4 – Powerpool (CVP)
Powerpool Protocol (CVP) is a governance-focused protocol that has seen similar trends to Holo (HOT) above. Much like Holo, there has been a buildup among whales holding between $100,000 and $1 million. “High active addresses, network growth, whale accumulation between $100,000 and $1 million, destroyed (consumed) age,” the analyst writes.
Source: Santiment
5 – Storj (STORJ)
The Storj Project (STORJ) aims to provide cleaner storage services, enabling organizations to reduce their carbon footprint as well as their cloud storage costs. But this under-the-radar altcoin has been added to the list. The analyst highlights “high trading volume, active addresses, network growth, whale accumulation, destroyed (consumed) age,” as shown in the chart.
Source: Santiment
6 – UniLend (UFT)
Unilend (UFT), a protocol that brings all decentralized financial (DeFi) exchanges together in one place, making them accessible through smart contracts, has also seen an increase in activity. As the 6th altcoin on the list, Unilend’s growth covers “high trading volume, active addresses, network growth, whale transactions, whale accumulation from $100,000 to $1 million, a flow of exchange”.
Source: Santiment
Altcoins: be careful with these cryptos
Although these assets have seen a significant increase in network activity, the crypto analyst warns: “It appears that 4 of these 6 highlighted projects will likely see intense network activity DUE to the price increase. For the other 2, there is no guarantee that a pump is around the corner.
However, as always, crypto investors are encouraged to “make your own assessments, look for these and the many other projects that show similar network activity on this model in the coming weeks.”
Total market cap sitting at $1.045 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image of Busha, chart from Tradingview.com