While the cryptocurrency market has witnessed the dominance of bears for a long time, low liquidity makes things even more difficult. This being the case, many projects are trying to attract liquidity by increasing their buyback programs or accelerating their burns. While Bitcoin continues to attract the attention of crypto investors due to its price fluctuations, new metaverse projects driven by NFTs and the GamiFi industry have also begun to attract attention. However, according to Santiment altcoin There may be some busy days left in the market.
A recently published report by Dappradar reveals that gamification activities now account for nearly 40 percent of total Web3 activities.
On-chain analytics platform Santiment found a notable trend among certain altcoins. In response to short-term market uncertainties, this asset is being moved from crypto exchanges to self-custodial wallet addresses. Notable altcoins in this category include Sushi (SUSHI), aelf (ELF), Biconomy (BICO), Reef (REEF), Curve DAO (CRV) and Injective (INJ). taking.
📉👍 If you are the owner of any $SUSHI, $REEF, $ELF, $BICO, $CRVor $INJ, then you’ll be happy to see that more & more of their supplies are moving into self custody. Historically, these kinds of major waves off exchanges are good for future prices. https://t.co/nS45eDkW1z pic.twitter.com/rhoGpfiosL
NEWS CONTINUES BELOW— Santiment (@santimentfeed) September 26, 2023
According to Santiment, the increasing withdrawal of altcoins from crypto exchanges is a positive sign. This trend is a detail that reduces the likelihood of significant sales in the future. Additionally, increased altcoin accumulation even in the face of bearish crypto sentiment suggests that more investors are adopting a long-term bullish perspective.
A profitable fourth quarter is expected for most assets that have consolidated over the past 19 months. Traditional BitcoinConsidering the four-year cycle of , industry experts predict that the crypto market will rise starting from October. It is important to note that worst-case scenarios have already occurred, as witnessed last year with the collapses of firms such as Terra Luna, FTX, Celsius and Three Arrows Capital (3AC).
If the crypto market faces further declines in the coming months, industry insiders see next year’s halving event as a potential catalyst for a bullish surge across the entire industry.