The cryptocurrency market is preparing to leave another difficult week behind. While leading cryptocurrency Bitcoin struggles to hold on above $40,000, altcoins are struggling. However, there are tokens that make 50X as soon as they enter the market. Binance Launchpool project Altlayer (ALT) opened the board yesterday at 48X. On the other hand, there are also tokens that have collapsed due to the negative news they received. For example, Wall Street Bets (WSB), which was delisted by leading crypto exchange OKX. Analytics platform Santiment drew attention to 5 altcoin projects that made headlines.
Santiment drew attention to these 5 altcoin projects
cryptokoin.comAs you can see from , the spot Bitcoin ETF did not have a positive impact as expected. Leading crypto Bitcoin saw sharp declines following the SEC’s approval, reaching $38,000. Now it is consolidating around 40 thousand dollars. However, such situations are now commonplace for the crypto market. That’s why market players set other targets for themselves.
In this environment where market sentiment is changing rapidly, analytics platform Santiment has highlighted some altcoins making headlines. These include Binance Launchpool project Altlayer, which entered the market at 48X. There is also Wall Street Bets (WSB), which lost over 70 percent of its value after OKX was delisted. Santiment also tags Lisk (LSK), Bittensor (TAO), and IOTA (IOTA) as altcoin projects worth taking a look at. In this context, Santiment shared the following:
ALT is trending today due to Launchpool exit and exchange listings. LSK, TAO and IOTA are also altcoins worth looking at. In particular, WSB is making headlines because it was removed from OKX, triggering a traders panic.
Meanwhile, Santiment notes that market sentiment is currently mixed on Telegram, Reddit, X and 4Chan, the venues for crypto players. Moreover, it suggests that it makes sense to move against the consensus on these platforms.
Crypto gets a boost from an unexpected source: Chinese investors
While the focus in the US is on spot Bitcoin ETFs and how they are causing weakness in the BTC price, the crypto market is getting support from an unexpected source: Chinese investors. Despite a crypto trading ban in effect in China since 2021, a report from Reuters shows that three years of losses in the Chinese stock market are pushing investors back into the crypto market. “Bitcoin is a safe haven, like gold,” says Dylan Run, a Shanghai-based financial industry executive. Run says he changed course after realizing that China’s economy and stock market were in dire straits. In this context, he states that he started transferring some of his funds to cryptocurrencies in early 2023.
Because of the ban, investors have to be more creative in how they invest. Run says he used debit cards issued by small rural commercial banks to buy cryptocurrencies through gray market dealers, making sure to limit transactions to under 50,000 yuan ($6,978) to avoid attracting the attention of authorities. More than half of the investment portfolio now consists of cryptocurrencies. Because while Chinese stocks underperformed, crypto investments rose 45%.
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