Three Altcoins Are Showing Strength Behind the Scenes, According to Crypto Analytics Firm Santiment
Crypto analytics firm Santiment is drawing attention to a trio of altcoins.
Santiment reports that, along with Ethereum, crypto projects The Graph (GRT) and Sentivate (SNTVT) are looking strong heading into July.
Highlighting address activity for the indexing protocol The Graph, which has a market cap of $1.7 billion, Santiment points out that while activity is high, deposits are low.
According to the firm, that’s “a good sign that prices can naturally grow.”
GRT is up nearly 20% in the past week, according to CoinGecko.
Another altcoin with a healthy address activity to deposit ratio, according to Santiment, is ERC20 utility token Sentivate (SNTVT), which has a $25 million market cap at time of publishing.
Altcoins on the whole are having a “resurgence” in the past few days, says Santiment, as ETH’s address activity jumped on June 27th, surpassing Bitcoin’s.
Santiment also cautions that decentralized finance (DeFi) lending and borrowing protocol Compound (COMP), with a market cap of $1.8 billion, is surging as of late, but may be reaching a local top.
“A big spike in social volume + exchange inflow starting to spike + NPL (network profit loss) starting to spike. Perhaps for now we might be approaching a local top. Or at least a consolidation period. Especially if the deposits spike end up being strong.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Imagine CG Images