Amid the broader market correction, altcoins are facing even deeper declines, with Ethereum (ETH) and other major altcoins plummeting 10-15% over the past week. However, Santiment’s analysis shows that three altcoins – XRP, APT, and LINK – have the potential to make significant headway amidst fundamental development and institutional investor interest.
3 altcoins to watch for future gains
The first altcoin Santiment talks about is Ripple’s native cryptocurrency, XRP. Public sentiment surrounding XRP has increased significantly amid important developments such as asset management company Bitwise filing for a spot XRP ETF this week. Meanwhile, the U.S. Securities and Exchange Commission (SEC) has decided to appeal the decision on the XRP case in the Second Circuit Court of Appeals.
News of the appeal has already caused XRP prices to plummet by 15% on Thursday, rising to $0.52. However, with calls for an “Uptober” rally, Ripple’s native cryptocurrency could attract strong attention from traders even above $0.60.
The second major cryptocurrency mentioned by Santiment is Aptos. A day earlier, Aptos Labs acquired HashPalette and is aggressively expanding into the Japanese Web 3 market. Aptos seeks to connect traditional technology with the emerging Web3 space by incorporating the Palette blockchain, which is widely known for its widespread adoption in Japan.
Meanwhile, the on-chain U.S. Government Monetary Fund will leverage the Aptos blockchain. According to the latest CoinGape report, APT price could rise to $20 amid soaring network activity.
The third altcoin that Santiment is bullish on is Chainlink (LINK). The Oracle service provider recently worked with the SWFIT platform to establish interoperability with TradFi. Additionally, Santiment reported that successful trials have demonstrated that Chainlink’s Cross-Chain Interoperability Protocol (CCIP) effectively connects multiple blockchain networks for financial institutions.
What’s the sentiment of the “Uptober” rally towards XPR etc.?
October started exactly as many expected with a huge “Uptober” rally. According to analysis firm Santiment, mentions of “Uptober” have decreased significantly, indicating that trader sentiment is shifting towards a more bearish outlook for October as an automatic rally for cryptocurrencies. But this increased pessimism could create an opportunity for the market to recover, at least in the short term, Santiment said.
However, Bitcoin will need to show strength going forward to restore overall market sentiment. BTC price has partially rebounded after finding support at $60,500 yesterday. Bulls need to protect this level to prevent further decline to $52,000.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance led him to focus on the emerging blockchain technology and cryptocurrency market. He is passionate about continuous learning and stays motivated by sharing the knowledge he gains. In his free time, Bhushan enjoys reading thriller fiction novels and sometimes hones his cooking skills.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
