On Friday, the price of Bitcoin experienced a significant increase, reaching $67,000, which led to a remarkable uptrend in the altcoin market, led by Ethereum. This sudden rise of Bitcoin created a general movement in the cryptocurrency market and caused other cryptocurrencies to start gaining value. Altcoins, especially led by Ethereum, have responded positively to this upward trend, and many altcoins are nearing the peak of the several-week consolidation process that started at the beginning of the year.
On-chain data provides important information about the behavior of institutional investors in the cryptocurrency market. In recent years, institutional investors have been observed to engage in aggressive accumulation in preparation for the euphoric phase of the crypto bull cycle. This accumulation process has played a key role in supporting the prices of major crypto assets such as Bitcoin and Ethereum. Increasing institutional interest has increased confidence in the cryptocurrency market and encouraged individual investors to enter this market.
Altcoins broke away from macroeconomic downward trends and started to give upward signals again. After a prolonged period of consolidation, many altcoins are showing signs of recovery. This situation increased investors' confidence in altcoins and caused more investors to turn to these assets. This rise, led by Ethereum, is considered a positive indicator for the overall health of the altcoin market.
Market data provider Santiment emphasizes that cryptocurrency investors should closely monitor the average trading returns of different assets. “If you believe markets have the potential to rise, historical data shows that buying assets where investors are suffering the most increases the likelihood of high returns,” Santiment said. This statement reveals that investors should carefully analyze market data and develop correct investment strategies.
According to Santiment's analysis, Shiba Inu (SHIB), Uniswap (UNI), Polygon (MATIC), Chainlink (LINK), Cardano (ADA) and Ripple-backed XRP are among the large-value altcoins that can potentially provide high returns. These altcoins are considered assets with high return potential, being positively affected by the general upward trend.
However, Santiment gives some warnings to investors. While Toncoin (TON), Bitcoin, Ethereum (ETH) and Dogecoin (DOGE) can potentially provide high returns, they also carry higher risks. Investors who are considering adding these cryptocurrencies to their portfolios are advised to be careful and follow market conditions closely.
Finally, increased crypto volatility is expected to continue due to FOMC statements next week. Additionally, historical data predicts a rapid decline in the crypto industry in August. However, it seems likely that the crypto industry will be on an overall upward trend in the fourth quarter, driven by the US elections and expected interest rate cuts.
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