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Santiment Data Suggests Altcoin Season is Here
Altcoins are experiencing a surge in value, compensating for the previous bear market and inflation, while Bitcoin remains steady at around $35K. According to crypto analytics platform Santiment, altcoin profits from the past few weeks have been flowing into large and mid-cap crypto assets. The data provided by Santiment on November 4 shows that altcoins such as SNT, SUSHI, and BLZ have seen significant gains. SNT saw a 108% increase in the past week, while SUSHI and BLZ experienced gains of 82% and 39%, respectively.
Bitcoin has not been greatly affected by the cooling down of bond yields and the labor market. While its price briefly crossed $35K earlier this week, it has since remained between $34K and $35K. This has led to speculation in the crypto community that BTC profits are being rotated into altcoins.
Top Altcoins to Watch Today
NEO Price Surges
The price of NEO has increased by 22.17% in the past 24 hours, reaching $11.39 on November 4. It has also seen a weekly increase of 22.20%. This surge may be related to the launch of several NFT projects on the NEO protocol’s new version, N3.
THORChain (RUNE) Price Rises
RUNE has experienced an 18.05% increase in the past day, with a current trading price of $3.47. Over the past week, it has risen by 37.38%. This upward trend could be attributed to the introduction of a new lending protocol by THORChain and its partnership with Binance.
Oasis Network (ROSE) Price Jumps
ROSE has seen a 15.94% increase in the past 24 hours, reaching $0.0673 on November 4. Over the week, it has surged by 30.48%. This rise aligns with Santiment data indicating social dominance for the Oasis Network and its consistent growth over the past month.
Disclaimer: The information provided in this article is based on market conditions and personal opinions. It is important to conduct your own research before investing in cryptocurrencies. The author and publication do not take any responsibility for financial losses.
Hot Take: Altcoin Season is in Full Swing
Altcoins are making a strong comeback, with profits from recent weeks flowing into large and mid-cap assets like SNT, SUSHI, and BLZ. Bitcoin remains stable, but altcoins have been rallying, suggesting that altcoin season may be here. NEO, THORChain (RUNE), and Oasis Network (ROSE) are among the top-performing altcoins right now.
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