Cryptocurrency market has made a notable recovery since last weekend, with the total market value increasing by over 3% to approximately $2.5 trillion. Before the activity in Mt. Gox’s wallets, Bitcoin’s price rose by 3% in the early hours of the day to $65,000, and at the time of writing, it has retreated to around $62,700. Despite the recent decline in price, Bitcoin’s current state is seen as extremely important due to regaining support from both the 50-day and 200-day Moving Averages (MA), causing attention to gradually shift to altcoins.
Bitcoin’s Rise and Altcoins
The recovery in the largest cryptocurrency as expected, has triggered many altcoins to move upwards. The rise in Bitcoin’s price has led to an increase in the entire altcoin market, including major players like Ethereum (ETH), Solana (SOL), and BNB (BNB). Analysts attribute this rise partly to market sentiment affected by recent events, such as the failed assassination attempt on crypto-friendly US presidential candidate Donald Trump.
Crypto Fear and Greed Index reflected investor sentiment rising to 65%, indicating a greed phase as Bitcoin surpassed the $64,000 threshold. Additionally, the inflow of over $300 million into US spot Bitcoin ETFs on Monday supported the market’s upward momentum.
Moreover, the expectation that the US Securities and Exchange Commission (SEC) will approve at least one spot Ethereum ETF on July 23 is also fueling optimism in the market.
RNDR, AAVE, and MKR Stand Out with High Wallet Address Activity
Industry experts, including experienced analyst Peter Brandt, foresee the cryptocurrency market potentially entering a highly enthusiastic phase after enduring corrections ranging from 20% to 40% over the past few months. Analysts and experts advise investors to follow altcoins with increased wallet address activity, as identified by crypto data analysis platforms like Santiment.
At this point, Santiment recently highlighted Render (RNDR), Aave (AAVE), and Maker (MKR) as promising altcoins with notable increases in wallet address activity. These three altcoins are considered to potentially offer high returns in the short term.
