In the fast-paced world of cryptocurrency, Chainlink (LINK) and three lesser-known altcoins are making waves, fueled by bullish on-chain data. Leading analytics firm Santiment suggests that these digital assets might continue to surge in value.
Chainlink’s Rally
Santiment’s analysis reveals that Chainlink, the decentralized oracle network, is experiencing a significant uptrend in unique address activity. With a recent peak of 3,964 unique LINK addresses interacting on the network, this marks its highest level in the past two months.
The analytics firm highlights the potential for Chainlink to experience further price rallies, especially if market participants maintain their current level of indifference to the altcoin’s performance. As of the latest data, LINK is valued at $7.22, representing an impressive 18% increase from its seven-day low of $6.09.
Other Altcoins on the Radar
Santiment isn’t just keeping an eye on Chainlink. The analytics firm is also closely monitoring three other low-cap altcoins:
- Loom Network (LOOM): This decentralized application (DApp) platform has seen a remarkable 145% increase in value over the past week. Its strong performance is attributed to significant network growth, with a notable surge in new addresses being created.
- Frontier (FRONT): As a decentralized finance (DeFi) aggregation layer, Frontier has gained 138% in value recently. Similar to LOOM, FRONT has enjoyed substantial network growth, contributing to its impressive performance.
- ImmutableX (IMX): This layer-2 blockchain has seen a respectable 29% increase in value. Santiment attributes IMX’s success to its growing network, marked by the creation of new addresses.
If these low-cap altcoins can maintain their current levels of growth and adoption, there is a possibility that their prices will continue to rally.
Bitcoin in Focus
Turning the spotlight to Bitcoin, Santiment notes an interesting trend. The number of addresses holding less than 100 BTC has reached an all-time high, collectively owning 41.1% of the total Bitcoin supply. However, entities categorized as whales, holding between 100 and 100,000 BTC, have been gradually selling off their Bitcoin holdings since June.
As of the time of writing, the price of Bitcoin stands at $26,193.10.
The cryptocurrency market remains dynamic, with these altcoins and Bitcoin itself subject to evolving trends. Investors are closely watching these assets as they navigate the ever-changing crypto landscape.
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