Despite Bitcoin’s 5.24% drop to $93,000, traders are actively discussing and investing in altcoins like The Sandbox (SAND), Stellar (XLM), and Ethereum (ETH).
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Bitcoin price BTC $103 144 24h volatility: 1.9% Market cap: $2.05 T Vol. 24h: $152.61 B is seeing strong correction dropping more than 5.24% in the last 24 hours and slipping all the way to $93,000 levels. However, this hasn’t deterred traders from betting on some of the “hot altcoins” as per the on-chain data indicators.
In a post on Tuesday, November 26, blockchain analytics platform Santiment reported that just as the BTC price took a dive under $93,000, “traders are still riding the hot altcoins and discussing specific stories surrounding under-the-radar opportunities”.
According to Santiment, metaverse tokens The Sandbox SAND $0.58 24h volatility: 5.4% Market cap: $1.41 B Vol. 24h: $513.58 M , Stellar XLM $0.45 24h volatility: 4.2% Market cap: $13.72 B Vol. 24h: $1.38 B , and Ether ETH $3 325 24h volatility: 2.9% Market cap: $400.36 B Vol. 24h: $66.73 B are dominating social discussions among traders. The majority of the conversations are bullish, signaling strong interest in these altcoins.
Courtesy: Santiment
Despite the previous downturns, there’s renewed interest in Metaverse tokens in recent times, reported Santiment. In this segment, The Sandbox (SAND) is at the top of the list amid the growing investor confidence in SAND and similar tokens, which are key drivers of its recent momentum. “Speculation about the reasons behind this trend and the future of these cryptocurrencies is also prevalent,” noted Santiment.
On the other hand, stellar’s native crypto XLM has attracted attention from Korean investors following the recent political event. Investors are closely linking the recent XLM price surge to this event.
However, Ethereum (ETH) is also occupying a spot among the most discussed altcoins. Santiment noted that users are reportedly “expressing bullish sentiments about Ethereum’s potential to outperform other large caps, especially given favorable market conditions”.
As per the cryptocurrency liquidation heatmap on Coinglass, altcoins are facing the heat of the Bitcoin price crash under $93,000 levels. In the last 24 hours, $573.51 million have been liquidated in the crypto market with $455.92 million in long liquidations and $115.59 million in short liquidations. Data shows that altcoins made the most of the wiped-out positions.
Crypto trader Moustache, posting on X, speculated that despite the recent dip, “Altcoins are just warming up,” suggesting the “real party” is yet to come. He shared a chart showing the ALT/BTC is re-testing the support zone after giving a recent breakout.
Looks like a deviation would apply to Altcoins/BTC.D.
This month's close + December will be decisive.
I think Altcoins are just warming up here.
The real party starts soon imo. pic.twitter.com/31phuWQu68
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 26, 2024
Trader Eugene Ng Ah Sio shared on X on Nov. 26 that they would be “watching & waiting” for now, citing increasing unpredictability in the market. “This has been the most challenging bull market altseason I think I’ve experienced. Capital flow doesn’t make a ton of sense to me and degree of moves are very difficult to predict,” he wrote.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
