Altcoins with High Amount of Active Addresses
Santiment, an on-chain analytics firm, has identified several altcoins that are currently experiencing a high level of address activity on their networks. The key indicator used is “daily active addresses,” which measures the total number of unique addresses participating in transaction activity on the blockchain.
This metric can give insights into the current network traffic and user interest in the asset. A high value suggests a large number of users actively trading, indicating high interest in the asset. Conversely, a low value implies low trader interest as few wallets are being used for trades.
Altcoin Trends: Litecoin, Lido DAO, and Maker
Santiment has shared a chart showing the trend in daily active addresses for three altcoins: Litecoin (LTC), Lido DAO (LDO), and Maker (MKR). All three altcoins have experienced a recent spike in daily active addresses, suggesting increased investor activity.
Historically, this rise in utility has been accompanied by market cap growth. As a result, Maker and Lido DAO have seen upward momentum, while Litecoin has yet to see price movement. This may indicate a potential bullish divergence for Litecoin’s price in the near future.
Bullish Data for Cardano (ADA)
On-chain data also suggests a bullish outlook for Cardano (ADA). Whales holding ADA have shown recent buying activity despite the cryptocurrency’s recent plunge. This positive sign indicates a potential turnaround for ADA’s price.
LTC Price Movement
Litecoin’s price has remained stagnant around $65 since its recent drop. However, with the increase in daily active addresses, there may be potential for a price correction in the near future.
Hot Take: Altcoins Showing Promising Signs of Market Cap Growth
Santiment’s analysis of altcoins with high amounts of active addresses indicates a potential for market cap growth. The increase in user activity suggests a growing interest in these assets and historically has been accompanied by price volatility. This data highlights the importance of monitoring on-chain metrics to identify potential investment opportunities in the crypto market.
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