- Crypto analytics firm Sentiment is bullish on five altcoins including Litecoin.
- Bitcoin and Ethereum are also set for a bullish run in the short term.
The crypto market is generally down as Bitcoin trades below $28k with Ethereum trading below $1900. While it is unknown whether the pullback would continue or the market could stage a rebound, crypto analytics firm Sentiment has predicted that the market could bounce back with five altcoins appearing undervalued and bullish.
According to Sentiment, Serum (SRM), Radicle (RAD), VIDT Datalink (VIDT), Highstreet (HIGH), and Litecoin (LTC) may be bottoming out despite investors and traders incurring some losses recently. Bitcoin and Ethereum have, however, managed to stay afloat in their ranges.
As altcoins continue to flush while Bitcoin and Ethereum manage to stay afloat in their ranges, we see tons beginning to creep into opportunity zones. Assets where traders are in particular pain and may be bottoming out soon include LTC, SRM, RAD, VIDT, and HIGH.
On Bitcoin, the analytics firm observed that the amount of assets currently on various exchanges is at its lowest ratio since December 2017. This indicator is not particularly bad as it shows that interest in self-custody for traders has increased.
Also, there is a low possibility of selling them back to exchange wallets. Interestingly, Binance cold wallet has reportedly transferred more than $2 billion worth of Bitcoin out of custody.
One of Bitcoin’s largest whale addresses, a Binance cold wallet, has been extremely active today. Through 4 transactions, this wallet has moved $2.26 billion worth of BTC out of its possession. Bitcoin’s supply on exchanges has dropped from 6.78% to 5.84%.
Challenges of Ethereum Amid Bull Run Speculations, Litecoin Investors Await Third Halving
Ethereum co-founder Vitalik Buterin recently mentioned that the network needs to focus on solving its scaling issue before the next crypto bull run. This was after several researchers hinted that Ethereum is losing its users to Cardano due to high gas fees and other network issues. According to Buterin, users are likely to pay a $500 transaction fee in the next bull run if the scaling issue persists.
The Shapella upgrade closes the loop on some things that are part of the PoS [proof-of-stake] transition but did not make it in time for the merge, withdrawals obviously being really important. The immediate next focus after this… is going to be scaling.
Litecoin is also set to embark on a halving event which could set it up for a bullish run. The four-year halving events reduce the amount of Litecoin mined over time and make it scarcer. The event, set on August 3, 2023, would be its third and would reduce the block reward from 12.5 LTC to 6.25 LTC.
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According to historical data, Litecoin was bearish in 2018 but surged by 375 percent in 2019 leading up to its previous halving. Having begun the year at $30, the asset surged to $143 in June 2019 before the halving occurred on August 5. However, it retreated to $40 before finally setting a new all-time high of $410 in May 2021. Litecoin is currently trading at $80.
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