Blockchain analytics platform Santiment is bullish on an upcoming price rise on five crypto assets. However, the context militates in favor of a Bigger drop in altcoin prices compared to Bitcoin (BTC). Incidentally, Santiment believes that Litecoin (LTC) and four other altcoins are undervalued.
The Litecoin and altcoins that should grab your attention
According to a publication on its site and relayed on TwitterSantiment claims that Litecoin, decentralized exchange Serum(SRM), Radicle (RAD), VIDT Datalink (VIDT) and Highstreet (HIGH) could experience a considerable increase in their prices soon.
” As altcoins continue to soar while Bitcoin and Ethereum manage to stay afloat in their ranges, we see tons starting to slide into opportunity zones. Assets or traders are particularly hurting and could hit bottom in the near future. »Said Santiment.
When it comes to bitcoin, Santiment claims that the supply of the king of cryptocurrencies on the exchanges is at its lowest in 65 months. According to the firm, the low level of Bitcoin on the exchanges is potentially bullish for BTC.
” The amount of Bitcoin on exchanges is now at its lowest ratio since December 2017. Low in five and a half years represented a good sign of increased interest in traders’ personal custody. »
Whales help build trust
As noted DailyHodl, Santiment shows the movements of assets owned by the Whales that help bolster his position. Indeed, consistent with his theory of declining BTC supply residing on exchanges, Santiment says a Binance cold wallet moved over two billion dollars worth of Bitcoin out of custody.
” One of Bitcoin’s biggest whale addresses, a Binance cold wallet, was extremely active today. Through 4 transactions, this wallet withdrew $2.26 billion worth of BTC from its possession. The supply of Bitcoin on the exchanges fell from 6.78% to 5.84%. »
In sum, the fact that Bitcoin and some altcoins like Litecoin are saved by investors in their accounts can mean they are expecting a bull run. Isn’t Santiment’s argument a trivial one?
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