Main navigation

ETH, MKR, ENJ, MANA, BAT. These Five Altcoins "Fundamentally Sound," Network Activity Says: Analysts

News
Tue, 04/27/2021 - 11:43
article image
Vladislav Sopov
Analysts from Santiment team studied the activity of some popular altcoins and indicated interesting correlations for some of them
ETH, MKR, ENJ, MANA, BAT. These Five Altcoins "Fundamentally Sound," Network Activity Says: Analysts
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

The Santiment team studies the most important network indicators for Bitcoin (BTC) and major altcoins. For some altcoins, two crucial indicators are drawing spicy "gaps."

High activity, low deposits

According to the post by top-notch on-chain data vendor Santiment, five altcoins are witnessing an interesting combination of meaningful network indicators. Namely, high address activity is surrounded by a low value of deposits.

Five altcoins witness dramatic gap
Image via Twitter

Analysts noticed that such an estimation is valid for Ethereum (ETH), Maker DAO (MKR), Enjin (ENJ), Decentraland (MANA) and Basic Attention Token (BAT).

Ethereum (ETH), Maker DAO (MKR) and Enjin (ENJ) have already started rallying. MKR gained more than 35 percent in the last seven days despite delisting from Bitfinex.

At the same time, Decentraland (MANA) and Basic Attention Token (BAT), native assets of decentralized gaming ecosystem Decentraland and Brave browser, respectively, are lagging behind the leaders of the altcoin season.

Altcoins pushed Bitcoin (BTC) dominance to 33-month lows

While markets are in the green again after two consecutive collapses over the past 10 days, all eyes are on the altcoins.

Bitcoin (BTC) dominance,  a ratio between the market capitalization of Bitcoin and the rest of the cryptocurrency market, targets its lowest levels since early Q3, 2018.

According to Tradingview estimations, Bitcoin Dominance (BTC.D) inches closer to the crucial 50 percent levelunwitnessed for almost three years.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)