2024

April

Time

Recent data from Santiment, a prominent market intelligence firm, <a href="https://twitter.com/santimentfeed/status/1783350148493721899?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">indicate</a> that the altcoins may enter a “prime buying” phase. According to Santiment, more than 85% of the altcoins they track are currently positioned in what is historically considered a “buying opportunity zone.” 
<h2 id="sentiment-and-technical-indicators-favor-altcoins">Sentiment And Technical Indicators Favor Altcoins</h2> 
This assessment is based on the <a href="https://bitcoinist.com/why-these-2-altcoins-could-witness-price-bumps/" target="_blank" rel="noopener ">Market Value</a> to Realized Value (MVRV) ratio, which measures the profitability of held assets over one-month, three-month, and six-month periods. Such data suggest that despite recent market volatility, the potential for a significant bullish rally in the altcoin sector remains high. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f44d.png" alt="👍" class="wp-smiley" style="height: 1em; max-height: 1em;"> According to our model, the mid-term gains and losses by average wallets indicate heavy realized losses across most <a href="https://twitter.com/hashtag/altcoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#altcoins</a>. Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective… <a href="https://t.co/NogkCSH5PG" target="_blank" rel="noopener nofollow">pic.twitter.com/NogkCSH5PG</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1783350148493721899?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">April 25, 2024</a>
</blockquote> 
The timing of this potential uptick is particularly noteworthy. It aligns closely with the aftermath of Bitcoin’s latest Halving event, which is known to positively impact the broader cryptocurrency market. 
Santiment’s analysis points to heavy realized losses across most altcoins, which typically precede a recovery as markets stabilize and rebound. This downturn cycle, followed by a strong recovery, offers strategic buyers an opportune investment moment. <a href="https://bitcoinist.com/santiment-reveals-altcoins-set-for-bullish-growth/" target="_blank" rel="noopener ">Santiment</a> particularly noted: 
<blockquote>
 It may be justified to buy while there is growing fear seeping in from the crowd after all of these market cap dips.
</blockquote> 
The sentiment surrounding altcoins is increasingly optimistic, with various cryptocurrency enthusiasts and analysts highlighting the potential for substantial gains. 
On social platform X (formerly Twitter), voices like user ‘Nagato’ <a href="https://x.com/CryptoNagato/status/1783424848141709754" target="_blank" rel="noopener nofollow">advocate</a> for patience and strategic investment in altcoins. This suggests the current market consolidation phase could soon lead to significant upward movements. 
Crypto analyst Moustache <a href="https://twitter.com/el_crypto_prof/status/1783382795907191262?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">shares</a> this perspective, noting parallels between current market conditions and those preceding the last major altcoin season nearly four years ago. 
During that period, key technical indicators such as the Gaussian Channel and EMA 10 provided strong buy signals, which were validated by the ensuing market behavior. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Altcoins</a> 
 The last time Altcoins broke out of the Gaussian Channel and retested it was almost 4 years ago. 
 After that, we experienced a strong Altcoin-Season. 
 Back then we also saw a buy signal in the super trend as well as the EMA 10, which withstood the entire run.<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/ddcikhSqwz" target="_blank" rel="noopener nofollow">pic.twitter.com/ddcikhSqwz</a> 
 — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f2.png" alt="🧲" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@el_crypto_prof) <a href="https://twitter.com/el_crypto_prof/status/1783382795907191262?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">April 25, 2024</a>
</blockquote> 
<h2 id="market-watch-altcoins-performance-amidst-bitcoin-s-dominance">Market Watch: Altcoins Performance Amidst Bitcoin’s Dominance</h2> 
Meanwhile, the broader <a href="https://bitcoinist.com/altcoins-ready-rocket-santiment/" target="_blank" rel="noopener ">market metrics support this optimistic outlook</a>. Despite Bitcoin’s dominance at around 54% of the total market capitalization, the global altcoin market cap has managed to remain strongly above $1 trillion, with a dominance of roughly 11.54%. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/pyL6kIvm/" alt="Altcoins market cap chart on TradingView.com" width="2770" height="1496"> 
Recent performance data for altcoins like XRP and Dogecoin, which have seen appreciations of 5.9% and 3.1% over the past week, further validate the sentiment that the altcoin market may be on the brink of a breakout. 
Such movements underscore <a href="https://bitcoinist.com/santiment-reveals-altcoins-separated-from-the-pack/" target="_blank" rel="noopener ">cryptocurrency markets’ dynamic</a> and often cyclical nature, where sentiment and technical indicators can herald upcoming trends. 
Featured image from Unsplash, Chart from TradingView

Ready, Set, Grow: Why It Might Be Time To Invest In Altcoins Now – Santiment

Table of Contents

Bitcoinist

Other articles published on Apr 25, 2024

Exploring Recent Trends in Cryptocurrency Memecoins

Top Crypto Gainers to Watch this Week- AKT, BONK, NEAR and New Memes To Explode

Solana Whales Go Bullish on New Memecoin as Price Surges

SEC Lawyers Resign Following Court Rebuke for Misconduct in Crypto Case

What is Britcoin?

SEC Delays Decision on Spot Bitcoin ETF Options, Calls for Public Input

Join our free newsletter for daily crypto updates!