On-chain analytics platform Santiment vs Bitcoin altcoin Checked the prices. Five crypto assets that draw attention to the decline in the analysis shared.
The first altcoin on the list Litecoin (LTC) was unable to generate sufficient buying volume as investors made losses.
According to Santiment, in addition to Litecoin, decentralized exchange Serum (SRM), peer-to-peer collaboration tool Radicle (RAD), NFT creation and verification tool VIDT Datalink (VIDT), and metaverse ecosystem Highstreet (HIGH) are likely to bottom out.
While Bitcoin and Ethereum manage to survive in their own ranges, we see that altcoins are starting to enter opportunity zones as they continue to flow. Assets that investors are particularly troubled by and that may bottom out in the near future include LTC, SRM, RAD, VIDT, HIGH.
NEWS CONTINUES BELOW
Santiment also commented on Bitcoin, stating that the supply on exchanges is at its lowest level in 65 months. According to the firm, it means potentially bullish for low BTC volume on exchanges.
The amount of Bitcoin on exchanges is currently at its lowest rate since December 2017. The five-and-a-half-year low is a good sign for traders that there is increased interest in self-holding and a reduced risk of being sold back to exchange wallets.
Santiment also says that as the supply of BTC on exchanges continues to decline, a Binance cold wallet has removed $2 billion worth of Bitcoin from its custody.
Binance cold wallet, one of Bitcoin’s biggest whale addresses, was extremely active today. This wallet disposed of $2.26 billion worth of BTC in 4 transactions. Bitcoin’s supply on exchanges fell from 6.78% to 5.84%.
You can follow the current price action here.