The cryptocurrency market managed to gain new momentum in 2023 after the crash in 2022. In this move, some cryptocurrencies such as Bitcoin and ETH Coin came to the fore. Crypto analytics platform Santiment shared its latest analysis of network growth in 2023. Accordingly, besides the leading cryptocurrency Bitcoin, 5 altcoins attract attention. Meanwhile, a popular analyst says the stage is set for a new bull run.
centimeter Snapped a picture of 2023 network activity: BTC, ETH Coin and others!
cryptokoin.comAs you follow from , the focus of the market is on the spot Bitcoin ETF decision from the SEC. According to some experts, this decision means a turning point for the market. However, different theses are put forward about how it will affect the direction of the market. In the midst of these developments, analytics platform Santiment takes a snapshot of the past year. The analytics platform shared a list of cryptocurrencies that stand out in terms of network growth in 2023.
Naturally, the first two places on Santiment’s list are occupied by the leading crypto Bitcoin and the leading altcoin Ethereum (ETH Coin). After Bitcoin, Ripple (XRP), Cardano (ADA), Dogecoin (DOGE) and Chainlink (LINK) come. However, Ethereum is the leader in terms of cryptocurrency ownership with 112.1 million. Bitcoin follows it with 52.6 million. Additionally, in terms of network growth, Ethereum takes the top 2 places with 54% and Cardano with 38%.
Altcoin markets are preparing for big rallies
Analyst pseudonym Pentoshi, who accurately predicted the end of the Bitcoin (BTC) bull run in 2021, says he is closely watching the TOTAL3 chart, which is used as a proxy for the entire altcoin market as it tracks the market value of all crypto assets except Bitcoin and Ethereum (ETH Coin). The analyst predicts TOTAL3 will rise approximately 40% from current levels. However, he states that for this to happen, it must first turn the $444 billion resistance into support. In this context, the analyst makes the following statement:
So far so good and we could break below or consolidate at previous highs for a while. So far this has been a pretty healthy trend with higher highs and higher lows. We caught some great moves. I’d love to see it move towards the upper range.
According to the crypto analyst, Bitcoin will reach TOTAL3’s target of $640.64 billion after the halving event. By the way, it should be noted that this event will take place in April 2024. Halving will halve BTC miners’ rewards. This event has historically coincided with bull runs in the broader crypto markets. At the time of this writing, TOTAL3 was trading at $462 billion.
How will the SEC’s Bitcoin ETF decision affect the price?
The analyst also looks at the leading cryptocurrency Bitcoin. Pentoshi says it is uncertain about potential price movement in the coming days as the market awaits a decision from the SEC on several BTC exchange-traded fund (ETF) applications. However, the analyst predicts that BTC will continue its upward trend in the long run. In this regard, Pentoshi makes the following comment:
I didn’t make BTC’s post-ETF price predictions on purpose, because I don’t know. Anyone who claims to know is talking nonsense, at least in the short term. In the long run, I believe we will go up and to the right. This is programmed into the way fiat money and central banks work.
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