Santiment Unveils Best Three Altcoins to Purchase in the Midterm

The altcoin market has recently endured a bearish phase, with even meme coins witnessing a downturn despite increased on-chain activities among whales. Bitcoin (BTC) is currently testing the lower boundary of a horizontal channel established four months ago, fueling concerns of further crypto capitulation.

Furthermore, US spot Bitcoin ETFs have seen inconsistent cash flows in recent weeks. The German government’s significant Bitcoin sales amid the $9 billion distribution from Mt.Gox have further dampened bullish sentiment. Consequently, the altcoin sector continues to struggle, with many coins trading at multi-year lows against Bitcoin.

Santiment’s on-chain analysis reveals that a majority of altcoin holders are facing substantial losses, prompting the use of the Market Value to Realized Value (MVRV) model to identify potential bullish and bearish trends among these coins. Santiment has identified Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH) as noteworthy candidates for traders seeking opportunities.

According to Santiment, holders of Ethereum Name Service (ENS), MANTRA DAO (OM), and Reserve Rights (RSR) are advised to be cautious due to their position in historically unfavorable selling zones.

Basic Attention Token (BAT), currently trading around $0.189 and down 23% over the past four weeks, remains in a favorable buy zone according to the MVRV model. Despite a fully diluted valuation of approximately $283 million and a daily traded volume of around $43 million, BAT is still significantly below its all-time high.

Similarly, Chromia (CHR), developed by Chromaway AB, shows potential with a current price of approximately $0.2377, marking a 7% increase in the past seven days. CHR, with a fully diluted valuation of about $195 million and a daily average traded volume of $41 million, remains down over 83% from its peak.

Highstreet (HIGH), identified by Santiment as having a compelling buy opportunity, boasts a fully diluted valuation of around $178 million.

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Altcoins
Price Analysis

(Source: Santiment)