Bitcoin closed September in the red this year. The bulls failed to push the price above $20,080 on September 30. In this case, it forces the altcoin market to be traded at low volume. Now, a prominent cryptocurrency analyst says an altcoin industry is close to bursting.
Justin Bennett says this altcoin market is about to derail
Popular crypto analyst Justin Bennett warns that the altcoin market is about to derail. The market cap of altcoins is “preparing for something big in October,” according to the analyst.
Bennett tags Ethereum (ETH) and VeChain (VET) in the chart he shared. According to the analyst, these two projects will make drastic moves in October under favorable conditions. At the time of writing, it was stable compared to the last 24 hours and last week. VeChain, on the other hand, is trading at $0.02305, down around 1.5%.
VeChain is ready for a resurgence, according to Justin Bennett
VeChain basically uses VET tokens in its smart contracts for supply chain solutions. The altcoin was popular at the height of the bear market last year. However, it has since plummeted along with the majority of the altcoin market. But Bennett claims that VET is still ready to start a comeback:
VET is starting to look attractive in this lower range with the falling wedge pattern since August. Can make games in this region for October
Bennett shared another graphic a few hours after posting the above. This time he proved his hypothesis with another technical analysis.
cryptocoin.comAs you follow, VeChain price has lost more than 90% from ATH price since last year. Similarly, Ethereum is trading at a 70% discount from its peak of $4,891.70. The highly anticipated merger rise did not result in the expected impact on the ETH price. Some metrics show further declines.
Ethereum investors, pay attention to these 3 metrics
The first of these; ETH’s social volume has remained stagnant over the past month
The sentiment around the altcoin was also not very positive. However, Ethereum’s weighted sentiment metric stood in red. Thus, it clearly hints at the fact that investors are not satisfied with its performance. The ratio of ETH’s Market Cap to Realized Value (MVRV) has been declining last month. As of September 29, this value was -42.83%. This reveals the fact that ETH is undervalued at its current price.
Ethereum’s daily active address metric has seen some increase but not very impressive for the larger ecosystem.
However, from the chart below, it can be concluded that ETH does not provide much value to its validators. Each validator provided ROI was declining. This also showed that there would likely be less incentive for validators to stake their ETH.
cryptocoin.comAs you follow, Ethereum has been trading below the $1,400 zone for a long time. Therefore, the metrics above present a pessimistic outlook for Ethereum over the long term. ETH’s supply in profits has taken a hit, going from 52 million at the beginning of September to 44 million at press time.
However, Ethereum whales are constantly showing interest in the altcoin. On September 28, WhaleStats, an account dedicated to monitoring whale activity, tweeted that Ethereum is one of the cryptocurrencies most bought by the top 1000 ETH whales.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.