A prominent market intelligence platform says that a handful of altcoins should continue to rally as traders continue to focus on Bitcoin (BTC) and Ethereum (ETH).
In a new thread on the social media platform X, crypto analytics firm Santiment says that nine altcoins – including Polygon (MATIC), Decentraland (MANA), Fantom (FTM), and Pepe (PEPE) – are seeing spikes in new wallet addresses created as well as their prices.
“As trader focus has been primarily on Bitcoin and Ethereum, mid-caps have quietly seen big network growth rises. With AXS, MANA, FTM, INJ, MATIC, DAI, PEPE, POWR, QNT, & AGIX seeing spikes in new wallets created, prices can continue to climb.”
Source: Santiment/X
According to Santiment, both BTC and altcoins are moving away from their reliance on the equities markets, which could be a sign of an upcoming bull market.
“Bitcoin scratched its way to a new 17-month high again today. Even better, crypto market caps are growing as the S&P500 declines. This
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