Santiment Reveals Top Two Altcoins to Purchase this Week as Crypto Market Embraces Bullish Trend
In the midst of a whirlwind of emotions recently, the cryptocurrency market has entered a fresh phase of optimistic speculation. On Tuesday, Bitcoin’s fear and greed index soared to 65 percent, indicating a combination of crowd greed and a heightened fear of missing out (FOMO).
Increasing Demand for Cryptocurrency
Today, Tether, a leading issuer of stablecoins, minted 1 billion USDT on the Tron network, resulting in an overall increase in buying pressure. On-chain data reveals that long-term crypto holders have been accelerating their accumulation efforts in recent times.
For instance, US spot BTC ETFs have seen over $1.5 billion in cash inflows over the past two weeks. On-chain activities within the altcoin industry have also experienced a significant surge, particularly due to the anticipation of the upcoming listing of spot Ether ETFs in the United States next week.
Top Altcoins to Consider Buying This Week
As the cryptocurrency market continues its remarkable rebound, it is advisable to pay close attention to Litecoin and XRP, two coins that are generating a great deal of FOMO.
While these coins have the potential to continue rising, it’s important to note that the euphoria surrounding them among the crowd could also make them high-risk, high-reward investments this week.
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— Santiment (@santimentfeed)
July 16, 2024
XRP
Price
Speculations regarding XRP’s price action have significantly increased due to the anticipated settlement between the U.S. SEC and Ripple Labs in their ongoing lawsuit. According to on-chain data analysis conducted by Santiment, XRP, backed by Ripple, has experienced a notable surge in FOMO, resulting in a more than 20 percent increase in its underlying value over the past five days.
At the time of this report, XRP was trading around 54 cents, with a market dominance of approximately 1.33 percent. From a technical perspective, in order to initiate a rally towards the next range between 58 cents and 60 cents, XRP’s price against the US dollar in the weekly time frame must regain the support of the 50 and 200 Moving Averages (MA).
Litecoin (LTC)
Price
Over the past two weeks, the price of Litecoin (LTC) has surged over 20 percent, reaching above $71 on Tuesday. This surge is attributed to increased on-chain activity by whales and growing interest from FOMO traders.
Similar to XRP, Litecoin’s price must close above the weekly 50 and 200 Moving Averages (MAs) in order to invalidate the bearish sentiment that has prevailed over the past four months.
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Altcoins
Price Analysis