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How SHIB, XRP, ADA Might Benefit as Glassnode CEO Predicts Market Rotation

Wed, 07/12/2023 - 15:55
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Tomiwabold Olajide
Glassnode CEO hints at opportunities for SHIB, XRP, ADA; market rotation on horizon
How SHIB, XRP, ADA Might Benefit as Glassnode CEO Predicts Market Rotation
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Glassnode's CEO, who goes by the name "Negentropic" on Twitter, believes that a market rotation might be on the horizon. This is due to altcoins seeing the first signs of movement, as witnessed every time the BTC price enters range trading.

The Glassnode CEO offers reasons as to why a market rotation might be approaching: Bitcoin has held its ground, while altcoins have suffered. However, as the Altcoin Cycle Signal suggests, the first signals of the altcoin movement are currently being seen.

Bitcoin has seen a significant increase in recent months, gaining 80% in 2023 after prices bottomed in late 2022. However, despite the correlation, the majority of altcoins are still suppressed, significantly down from their 2021 highs.

Since altcoins are still in the "accumulation phase," the market capitalization of the industry has been fluctuating for months. Even though a sizable number of tokens have outperformed Bitcoin (BTC) over the previous month, this has not triggered the eagerly anticipated altseason, in which alternative cryptocurrencies outperform Bitcoin.

The market is currently in "Bitcoin Season," according to the blockchain center's Altcoin Season Index.

According to the Glassnode CEO, the market needs an impulse that would help transition from cycle to cycle, as it is not there yet. He continued by saying that the other altcoins are lacking momentum, while ETH is trembling due to a lack of demand.

Here's how XRP, ADA and SHIB might benefit

Given a market rotation, altcoins such as XRP, Shiba Inu and Cardano (ADA) stand to benefit, as funds would rotate from Bitcoin to alternative cryptocurrencies.

This would prompt an altcoin season, a time when alternative cryptocurrencies, often known as altcoins, see their prices spike relative to Bitcoin (BTC) for several weeks or months.

ADA, SHIB and XRP Surge as Bitcoin Climbs $17,000: Details

During this favorable stage in the growth of altcoins, investors looking for more lucrative investment options could exchange their Bitcoin for altcoins that considerably outperform and gain in value.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.