- Santiment is bullish on five crypto assets amid a larger fall in the prices of altcoins relative to Bitcoin.
- Litecoin and four other altcoins are underbought with most traders nursing losses.
Santiment: Five Crypto Assets Presenting Opportunity for Crypto Bulls
Santiment, a blockchain analytics platform, has identified five crypto assets that it believes present a buying opportunity for investors. Most altcoins have seen a fall in prices relative to Bitcoin, and according to Santiment, Litecoin, Serum, Radicle, VIDT Datalink, and Highstreet may be bottoming out.
Altcoins presenting buying opportunities for investors
Litecoin and four other altcoins are underbought, with most traders nursing losses. As altcoins continue to fall, Bitcoin and Ethereum manage to stay afloat in their ranges. Santiment believes that these altcoins may be bottoming out and could present a buying opportunity for investors.
Santiment considers these assets to be in the “opportunity zone” because traders are in particular pain, having lost money. They see them as potentially profitable for investors looking to buy at the bottom.
According to Santiment, VIDT Datalink is a non-fungible token (NFT) creation and validation tool, while Highstreet is a metaverse ecosystem. Radicle is a peer-to-peer collaboration tool, and Serum is a decentralized exchange.
Bitcoin supply on exchanges at a 65-month low
Santiment has identified some bullish signs for Bitcoin as well. The supply of Bitcoin on exchanges is at a 65-month low, which Santiment considers potentially bullish for the flagship crypto asset.
The low level of Bitcoin on exchanges indicates increased interest in self-custody for traders and less potential selling pressure. Santiment says that the amount of Bitcoin on exchanges is now at its lowest ratio since December 2017, which is a good sign for Bitcoin’s price.
Furthermore, Binance, one of the largest exchanges, has moved $2.26 billion worth of BTC out of its custody. This indicates that the exchange may have buyers for the cryptocurrency outside of the exchange, which is bullish for Bitcoin’s price.
One of Bitcoin’s largest whale addresses, a Binance cold wallet, has been extremely active, according to Santiment. Through four transactions, the wallet has moved $2.26 billion worth of BTC out of its possession. Bitcoin’s supply on exchanges has dropped from 6.78% to 5.84%.
In summary, Santiment is bullish on five crypto assets, including Litecoin, and sees them as presenting an opportunity for investors. The supply of Bitcoin on exchanges is at a 65-month low, indicating increased interest in self-custody and less potential selling pressure. The recent transfer of $2.26 billion worth of BTC out of a Binance cold wallet is also bullish for Bitcoin’s price.