The cryptocurrency market continues to experience fluctuations. Bitcoin’s price saw a decline today, and BTC’s 1.77% drop in the last 24 hours triggered a market downturn. Amidst all this, Santiment shared insights on some altcoins in the market.
Current State of the Cryptocurrency Market
Data provided by Santiment, a significant company in the market, indicated a bullish outlook for two altcoins. According to Santiment, Ethereum Name Service (ENS) and the NFT ecosystem Treasure (MAGIC) drew attention with network growth in the last 24 hours, reflecting a bullish outlook.
Altcoins like Ethereum Name Service and Treasure experienced a network growth explosion in the last 24 hours, surpassing significant milestones. Historically, when projects see these increases during flat price performance, the chance of a breakout increases.
At the time of writing, ENS and MAGIC are trading at $25.69 and $0.4756, respectively.
Santiment then examined Shiba Inu (SHIB), noting that the increased activity and interest from trading whales set it apart from other meme coins.
Shiba Inu experienced a mini divergence from other altcoins over the weekend, showing a modest +5% increase in the last 48 hours. Owners will be pleased with the continued accumulation by off-exchange whales and the shrinking of exchange whale bags.
As of the time of writing, SHIB has fallen to $0.00001621 after a 3.40% drop in the last 24 hours. Despite this, it has seen a rise of over 14% on a weekly basis, reflecting a movement above the market.
Chainlink Price Outlook
In the analysis, Santiment also examined Chainlink (LINK), which continues to form new lows following millions of dollars in liquidations due to fear, uncertainty, and doubt (FUD) in cryptocurrencies and the economy.
Chainlink’s weak hands just showed signs of giving up hope and released coins at significant levels. The $60 million loss in LINK yesterday indicates significant trader FUD and increases the likelihood of a local bottom.
LINK continues to trade at $12.56 after a 3% drop in the last 24 hours. Following the 3% drop, the market cap fell to $7.65 billion, while the trading volume exceeded $328 million after a 22% increase.
