Crypto analytics firm Santiment and a prominent cryptocurrency analyst have predicted a steep drop for these altcoins! So what’s next for altcoins? Here are the striking comments of analysts…
Market research platform Santiment pointed to these levels for Ethereum (ETH), XRP and ADA!
Leading crypto analytics firm Santiment has recently attracted attention with its comments for this altcoin. According to Santiment, the leading altcoin project Ethereum (ETH) is facing several indicators that it will depreciate in the near future. In a new analysis, Santiment cites that active Ethereum (ETH) addresses, active deposits and trading volume are trending downwards compared to the price of ETH. Instantly, ETH is trading at $ 1829 and has gained 2.4% in the last 24 hours and 0.3% in the last 7 days. The project has gained more than 50 percent in value since the beginning of 2023.
However, Santiment suggested that investors of payments platform Ripple’s utility coin XRP are making profits at the highest levels since August 2021. The words quoted by Santiment are as follows:
XRP Network continues its impressive March recovery with its price 44 percent over the past 2 weeks and another 11 percent today. As a result, we have XRP with the highest profit earning rate for its investors since August 2021 and we are seeing a very high trader profit rate on XRP.
On the other hand, the XRP price level is instantly traded at $0.53. The cryptocurrency, which is in the sixth place by market value, has lost 0.3 percent in the last 24-hour period, but has gained more than 20 percent in the last week. In addition, XRP has gained more than 61 percent since the beginning of 2023.
On the other hand, Santiment mentions another altcoin project, noting that prominent cryptocurrency whales are accumulating Ethereum rival ADA:
Cardano is showing some slight signs of divergence this week and is at 7th place on the markets, gaining 8.2 percent in the last 24 hours. Addresses holding 10,000 or more ADA have collectively accumulated 1.03 billion ADA in the last 5 months.
Cardano (ADA) has gained 9 percent in the last 24 hours, as we have reported as Kriptokoin.com. Instantly, ADA is trading at $0.40 and has a market cap of $14 billion.
A hard claim came from the analyst: Cardano is ready for a 70 percent drop!
Benjamin, one of the leading analysts in the cryptocurrency market, warned that the popular altcoin Cardano (ADA) and other altcoins are ready for losses compared to Bitcoin (BTC). In his statements to 738 thousand Twitter followers, the analyst, who stated that Cardano will face a sharp decrease of more than 70 percent against BTC, said that Cardano could drop to the level of 0.00000400 BTC or $0.11, “I think the ADA/BTC pair is 0.00000800 BTC. It will be lucky if it bottoms out too, but 0.00000400 BTC could be the ultimate support.” in his words.
On the other hand, the analyst, while conveying his comments for Cardano in a graphic he shared on Twitter, stated that the project may fall to the final support level in the third quarter of 2023.
Instantly, the popular cryptocurrency ADA is trading at $0.40. Quoting from his own experience, Cowen notes that the seemingly small gradual losses grew larger over time as altcoins tumbled against Bitcoin:
A response to my posts about investment in altcoins flowing back into BTC; ‘Hey, only -%2!’ were his words.
But this continues. I’ve had this before. Before you know it, your altcoin is down 90-95% against BTC and you thought it was ‘fine’ the whole way
Citing Chainlink’s (LINK) performance against BTC from 2018 to 2022, the popular analyst says that an altcoin that showed a bullish move against Bitcoin during a bear market will likely perform well when altcoins start to recover. Here are the analyst’s words:
Yes, for example, LINK/BTC showed relative strength in 2018 and then performed very well in 2019/2020.
So, if you notice that certain altcoins are making higher lows in BTC pairs (many won’t), that could be a good sign for that altcoin in the next altcoin season.
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