On-chain analytics firm Santiment has shared 3 altcoins that are gathering new investors as Bitcoin price approaches $31,000. The report includes cryptocurrencies that are attracting intense interest, accompanied by rising trading volumes.
Santiment draws attention to these altcoins as Bitcoin rises
Bitcoin price briefly surpassed $31,000 ahead of today’s US inflation data. It then corrected slightly back to the current level of $30,700. Santiment reports that during the recent positive price movements, MATIC and BNB received high interest:
Two altcoins are receiving particularly high interest as trading volume is shifting back to altcoins. These are MATIC and BNB. Bitcoin continues to waver at $31,000 before profits are redistributed to other coins.
BNB Coin (BNB)
According to CoinMarketCap data, BNB has moved relatively sideways in the past 24 hours. While BTC was rising, it gained 0.90% at one point. BNB is currently trading at $246.15. Remarkably, it keeps its weekly performance at 3.5%.
Polygon (MATIC)
On the other hand, MATIC saw its price rise 0.25% from the last trading day. MATIC is currently trading at $0.74 with recent price action. It should be noted that he continues to keep his weekly earnings above 10%.
Ethereum network offers users low transaction fees again
Santiment also evaluated the gas fees of the Ethereum network, which has been cheaper by more than half. According to the report, the largest smart contract platform is currently only asking for $2.45 in gas, shortly after reaching its peak transaction fee of $7.40 in the first days of July.
Santiment reports that this decline could lead to a rise in ETH price.
According to data from Santiment, after several weeks of Ethereum investments gaining ground, the price’s consolidation in the $1800 price range has caused the Net Realized Profit/Loss (NRPL) indicator to turn into negative territory.
ETH’s NRPL posted a negative value of -2166.27 on July 6 for the first time in three weeks. It’s currently at -2134. Generally, when a coin’s NRPL is negative, it usually indicates a higher probability of positive price action in the future. The negative NRPL for ETH shows that many investors who have bought ETH in the past are currently holding underwater positions. This could create buying pressure as these investors try to recoup their losses. As a result, this phenomenon has historically been associated with potential price increase.
According to data from CoinMarketCap, ETH is currently trading at $1.85. In the same period, its value increased by 0.25%, while the trading volume decreased by close to 20%.
Altcoin supply on exchanges is decreasing
Evaluation of stock market activity confirmed that selling pressure has eased. While ETH has been plagued by severe price fluctuations over the past month, its foreign exchange reserves have been steadily declining. According to data from CryptoQuant, with 15.14 million ETH hosted on exchanges at the time of writing, alt-exchange reserves have dropped 4% last month.
cryptocoin.com You can take a look at an up-to-date report on the fraudulent activities of the Ethereum network in this article.
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