Despite the recent decline in the crypto market caused by the collapse of FTX, some altcoin projects are still worth watching. Analysts have selected the 5 most promising projects on the market with a low capitalization that investors should keep on their watch lists. In addition, Santiment detected a bullish signal for the leading altcoin Ethereum.
The top altcoin Arweave (AR)
Arweave (AR) has a market capitalization of $318.4 million. Altcoin is a cryptocurrency storage project that facilitates the permanent storage of documents and applications on an immutable, decentralized network of devices. Arweave integrated with Instagram in early November to archive creators’ digital collections. The altcoin is currently changing hands at $9.54. Compared to the previous week, it increased by 3.48%. Besides, it saw an increase of 2.70% on a daily basis. Meanwhile, Arweave recently funded a crypto education platform with $2 million. According to analysts, more gains are possible ahead of the platform.
MultiversX/Elrond (EGLD) is also listed
He knew MultiversX (EGLD) as Elrond before. It rebranded in early November to mark its shifting focus on Metaverse development and three new related tools (xFabric, xPortal and xWorlds). MultiversX is a smart contract execution platform and Blockchain network. At press time, EGLD posted a 1.85% increase in 24 hours. It also rose 4.49% compared to the previous seven days. It was trading at $43.82 at press time. The altcoin’s market cap currently stands at $1.04 billion. According to analysts, more attention is possible if the Elrond community warms up to the brand again.
The third altcoin on the list is ImmutableX (IMX)
The developers built ImmutableX (IMX) on top of the Ethereum Blockchain. The altcoin project has a market cap of $325.24 million. It provides a layer 2 scaling solution for gasless creation of Non Fungible Token (NFT) projects and decentralized applications (dApps). cryptocoin.comAs you follow, a few weeks ago it partnered with GameStop to become the first NFT market. The current price of the IMX token registered a daily increase of 2.91%. It also posted a gain of 8.36% on a weekly basis. The token is currently trading at $0.4726.
The 4th project of the list is Crust Network (CRU)
Crust Network (CRU) is another decentralized storage project. The altcoin recently joined forces with Peaq, the Web3 Economy of Things (EoT) network built on Polkadot (DOT), allowing it to host dApps. It also enabled Crust to take advantage of the data storage market. Currently, the market value of the CRU is $5.6 million. In the last 24 hours, the altcoin has gained 4.67% and 6.36% in a week. At press time, it changes hands at $0.6103.
Moonbeam (GLMR) fifth altcoin project
Moonbeam (GLMR) is a smart contract platform that allows developers to create DApps on Polkadot Blockchain. The project is one of the founding bodies of the Polkadot ecosystem, along with Acala, KILT Protocol, Astar, Subscan, Phala and Interlay. At the time of writing, GLMR was changing hands at $0.3715. This means an increase of 3.34% compared to the previous week and 6.91% compared to the previous week. Meanwhile, Moonbeam has announced several promising integrations recently. Its market value is currently around $170.71 million.
There is a bullish signal for the leading altcoin Ethereum, according to Santiment
Leading analytics firm Santiment says a key metric is giving a bullish signal for Ethereum (ETH) amid a persistent crypto bear market. According to Santiment, Ethereum is showing signs for a massive rally following an increase in address activity, an on-chain metric that tracks the number of different ETH addresses participating in a transfer on any given day. Santiment made the following statement:
Ethereum’s active addresses hit a six-week high yesterday. This likely affected today’s price increase. On October 15, when addresses last rose to this level, the price of ETH rose 30% over the next three weeks.
Santiment also says that the number of Ethereum whales and sharks, or assets holding 100 to 100,000 ETH, has increased since FTX’s high-profile boom in early November. In this context, Santiment notes:
The number of whale addresses for Ethereum has been increasing since the FTX debacle in early November. There are key moments in the chart where shark and whale addresses pile up and spill. The number of 100 to 100,000 ETH addresses is at a 20-month high.
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