Bitcoin slid lower after surging above the $43,000 level in a bullish move on Monday. Although many altcoins started the day in the green zone, they entered the red zone later in the day. In this volatile market, analytics platform Santiment 10 drew attention to the altcoin project. The analytics platform warned for 6 coins among them. Santiment highlighted the possibility of these cryptocurrencies seeing a correction due to FOMO.
Santiment: Be careful with these 6 altcoins!
cryptokoin.comAs you follow from , the market has gone on a rollercoaster ride again. The market, which started to decline after the rise, continues to surprise the players. This increases risks for investors and traders. On-chain analytics platform Santiment issued a warning for 6 altcoins in this environment where risks increase. In this context, the analytics platform shared the following:
Sapphire (SAPP) and OasisNetwork (ROSE) are seeing significant interest, as well as the latest pump from LunaClassic (LUNC). As the weekend draws to a close, watch for local tops for Flare (FLARE), PythNetwork (PYTH), and Gamercoin (GHX).
Santiment notes that historically, many bullish assets on this list have attracted increased mass interest and novice traders. Therefore, he notes that these tokens have a high chance of correction due to FOMO.
Despite the deadlock in Bitcoin, these altcoins are on the rise!
In his next post, Santiment continued, noting that even though the entire crypto market’s trading volume dropped by 20% last week, some altcoin prices have rebounded. Santiment stated that interest has shifted to cryptos such as Flare, Ronin (RON), Chainlink (LINK), Bittensor (TAO) and Render (RNDR). As a result, the prices of these altcoins saw double-digit increases. However, interest remained low as Bitcoin increased only slightly. In this regard, Santiment made the following statement:
Crypto market values increased by 0.5% last week, although trading volumes decreased by 20.3% compared to the previous week. Featured assets included FLR, RON, LINK, TAO and RNDR. Bitcoin continues to receive less attention as attention turns to altcoin pumping.
Situations like these indicate that altcoins may be preparing for another pump. Therefore, it would be beneficial for cryptocurrency investors to keep their eyes open.
Analyst: Crypto markets will benefit from Fed interest rate cuts!
Bitcoin started the day with a rise on Monday, rising above the $43,000 level. The price movement comes as markets anticipate the Fed’s rate-cutting cycle to begin at its Federal Open Market Committee (FOMC) meeting in May. However, the leading crypto failed to maintain this momentum and slipped below $43,000. According to André Dragosch, Head of Research at ETC Group, market participants expect the Fed to begin its rate-cutting cycle in May based on what is currently priced in Fed funds futures.
Fed funds futures contracts essentially represent the market’s expectations for future interest rates. Dragosch adds that the market is pricing in the possibility of the Fed starting to cut interest rates in March. That’s consistent with Fed Chairman Jerome Powell, who ruled out an earlier rate cut in 2024 in an interview with CBS’ 60 Minutes on Sunday. Powell said it was “unlikely” that a rate cut would occur in March as Wall Street expected. “We said we wanted to be more confident that inflation was down to 2%,” Powell said in the interview. “I think it’s unlikely that this committee will reach that level of confidence until the March meeting, which is seven weeks away.” said.
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