Bitcoin, which started the fourth quarter well and rose to $28,500, but could not continue this, fell to the level of $27,500.
While there is a decline in altcoins other than BTC, some altcoins are showing a positive picture.
Stating that some altcoins stand out at this point, Santiment said that these are Bitcoin Cash (BCH), Smooth Love Potion (SLP), Mask Network (MASK), Lever Finance (LEVER) and Civic (CVC).
Pointing out that although the rise in Bitcoin and the market has cooled down, there has been a significant increase in the on-chain address activity of these altcoins, Santiment stated that the demand for these altcoins has increased.
“Although markets cooled for the 2nd consecutive day, several altcoins are seeing increases in the amount of unique addresses interacting across their networks.
These are BCH, LEVER, SLP, MASK and CVC. Watch out for these. “In addition, the largest stablecoin in the cryptocurrency market is USDT and USDT volume continues to increase.”
Additionally, Santiment said there has been a significant increase in demand for leading stablecoin Tether (USDT). Increase in USDT volume is often seen as a sign of new capital flowing into the sector.
Increased on-chain address activity is also generally interpreted as a clear indication that the popularity of relevant altcoins is increasing among investors and that upward price breaks may occur.
📈 Despite markets cooling off for a 2nd consecutive day, several #altcoins are seeing rises in the amount of unique addresses interacting on their networks. Keep an eye on $BCH, $SLP, $MASK, $LEVER, & $CVC. Also, #crypto's top #stablecoin, $USDT. https://t.co/DDsQFKVCoz pic.twitter.com/x5vfwabMml
— Santiment (@santimentfeed) October 4, 2023
*This is not investment advice.
