Blockchain analytics platform Santiment is bullish on five crypto-assets amid altcoins’ sharp price drops against Bitcoin (BTC).
Litecoin (LTC) and four other altcoins are overbought and most traders are losing money, according to Santiment.
Litecoin, Serum decentralized exchange (SRM), Radicle peer-to-peer collaboration tool (RAD), NFT verification and generation tool – VIDT Datalink (VIDT) and Highstreet metaverse ecosystem (CAO) have all bottomed out, according to Santiment .
“As altcoins continue to rise while Bitcoin and Ethereum try to stay within their ranges, we are seeing a number of altcoins starting to enter the opportunity zone. Assets that are of particular interest to traders and could bottom out in the near future include LTC , SRM, RAD, VIDT, HIGH.”
Speaking of bitcoin, Santiment said the supply of the top crypto asset on exchanges is at a 65-month low. According to the firm, low bitcoin levels on exchanges could be positive for BTC.
“Bitcoin volume on exchanges is now at its lowest level since December 2017. The five-and-a-half-year low is a good sign that traders are more interested in self-custody and less risk. Reselling to exchange wallets”
Santiment added that Binance cold wallets moved more than $2 billion worth of bitcoin from its storage amid a drop in the exchange’s BTC supply.
“One of Bitcoin’s largest whale addresses, Binance Cold Wallet, has been very active. Over 4 transactions, this wallet transferred $2.26 billion worth of BTC. The exchange’s Bitcoin supply dropped from 6.78% to 5.84% .
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According to Dailyhodl