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Santiment, a leading blockchain analytics platform, reported that five altcoins are about to enter the bargain zone amid massive declines in altcoin prices against the largest cryptocurrency Bitcoin (BTC). Here are the altcoins pointed out by the analytics platform.
Santiment: LTC, SRM, RAD, VIDT and HIGH Approaching Opportunity Zone
Blockchain analytics platform Santiment said Litecoin (LTC) and four altcoins have been underbought after they have lost a large portion of their investors. According to Santiment, Litecoin, decentralized exchange Serum (SRM), peer-to-peer collaboration tool Radicle (RAD), NFT creation and verification tool VIDT Datalink (VIDT) and metaverse ecosystem Highstreet (HIGH) have all bottomed out or are about to:
While Bitcoin and Ethereum have managed to stay afloat in their respective ranges, altcoins continue to fall and we see each of them starting to enter opportunity zones. Assets that are particularly troubling for investors and could bottom out in the near future include LTC, SRM, RAD, VIDT, HIGH.
BTC Supply on Exchanges at 65-Month Low
After sharing altcoins that have entered or are about to enter the bargain zone, Santiment turned to Bitcoin, noting that the supply of BTC held on cryptocurrency exchanges is at its lowest level in 65 months. According to the platform, the low supply of BTC on cryptocurrency exchanges is potentially bullish:
BTC supply on cryptocurrency exchanges is currently at its lowest level since December 2017. This is the lowest level in 5.5 years, and the low supply of BTC on exchanges suggests that investors are turning to storing their BTC in wallets they control. As a result, direct sales from exchange wallets are less likely, which is a very positive sign.
CoinMarketCap data shows that the largest cryptocurrency BTC is trading at $28,175, up 1.44 percent in the last 24 hours at the time of this writing.
