The cryptocurrency market has been on the decline since its last run to its November peak. This trend will round out a year next May. Analytical firm Santiment suggests that the 2 altcoin projects could overcome this trend despite the falling prices.
Santiment eyes on 2 altcoin projects
According to a well-known analytics firm, despite the price drop in recent months, Ethereum (ETH) bulls remain strong. In a recent tweet, Santiment points out that daily active addresses (DAA) for ETH have remained stable over the past four months, despite the price dropping by about 35%. The gap between Ethereum’s DAA and price presents a positive long-term outlook for the largest smart contract platform, according to the crypto analytics firm.
At the time of writing, Ethereum is trading at $2,772.66, up nearly 3.04% in the last 24 hours.
Santiment points out the unusual circulation trend of oracle platform Chainlink (LINK)
Ethereum is not the only cryptocurrency with optimistic indicators. According to Santiment, Chainlink (LINK), a decentralized oracle network, exhibits an unusual trend of token circulation. In a new Santiment Insights blog article, the analytics firm explains this:
There have been several instances where circulation has grown, then abandoned, and then price has risen. We now have a chance to follow a similar path.
Santiment also states that most of the LINK token has been traded at a loss since January, indicating a possible bottom.
At the time of writing, LINK is trading at $14.79. The market cap of the 24th ranked cryptocurrency has increased by more than 6% in the last 24 hours.
Altcoin whales increased Chainlink basket by 5%
According to the current WhaleStats data, which we quoted as Kriptokoin.com, Chainlink whales increased their LINK savings by about 5% last year. According to data from the Sentiment team, a year ago, the top 100 non-exchange Chainlink addresses had 735.64 million LINK. This number is currently 771.15 million LINK, showing the confidence level of the whales that Chainlink is talking about about the future of cryptocurrencies. The Santiment team shared this analysis via the tweet below with an accompanying chart showing Chainlink whale LINK accumulation.
Non-exchange whales at the highest LINK continue the cascading pattern of accumulation. As our chart shows, the top 100 addresses had 735.64 million a year ago. Now to 771.15 million, an increase of ~5% is a sign of the whales’ clear confidence in the longevity of the entity.
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