The cryptocurrency market lost more than 3% on the day, bringing the total market value down to $3.2 trillion. Much of this decline was due to Bitcoin’s 7% correction below $93,000. However, on-chain analytics platform Santiment has highlighted some cryptocurrencies that have been performing better lately.
As you follow on Kriptokoin.com, there has been some activity in the altcoin market recently. Santiment draws attention to cryptocurrencies that investors should keep on their radar, especially by highlighting altcoins that have performed better. Santiment made a statement saying, "Traders are still interested in hot altcoins and some interesting stories are being discussed around under-the-radar opportunities." In this context, the three cryptocurrencies highlighted by Santiment are: SAND, XLM and ETH.
He also drew attention to Santiment, Pleasure Token, Tornado and Axie Infinity, stating that the volume increases of these three tokens on social media were quite high.
Sandbox (SAND)$SAND
Santiment emphasized that the Sandbox (SAND) token has benefited from the increasing interest in the metaverse and GameFi projects. The increase in confidence among investors and the revival of investments in the metaverse space have contributed to SAND’s recent rise. SAND has more than doubled in value in the last two weeks, reaching an eight-month high of just above $0.80 on November 25. However, it has been falling rapidly since that level and is currently trading around $0.63.
Stellar (XLM)$XLM
XLM has gained 330% in the past two weeks, reaching its highest price since May 2021, $0.588, on November 25. However, at the time of writing, the price has fallen back to $0.455. Santiment points out that the increased interest from Korean investors following political events has increased XLM’s appeal.
Ethereum (ETH)$ETH
Santiment states that Ethereum has shown a stronger price performance, unlike other major cryptocurrencies such as Bitcoin and XRP. In the analysis made about Ethereum, it is stated that users' confidence in ETH's potential to outperform large capitals has increased. Ethereum has increased by about 8 percent in the past week, but is currently trading at $3,350, showing a decrease of 2 percent. While this correction is taking place, although negative discourses towards Ethereum continue, analysts draw attention to ETH's potential in this cycle.
Bitcoin’s market dominance is still at 58.6 percent. Therefore, it is stated that it is still early for altseason (altcoin season). If Bitcoin’s dominance rate falls below 50, this may be an indication that altcoins will start to move more. For now, most altcoins are retreating, but apart from ETH, only Toncoin (TON), Uniswap (UNI), Internet Computer (ICP), Ethereum Classic (ETC) and Bittensor (TAO) are trading in the green zone.
Altcoins, along with projects like Ethereum, continue to advance in increasing the potential of the market and present opportunities that investors should be careful about.
