The post Altcoin Market Prepares for Q4 2023 Relief Rally Amidst Increased On-chain Activity appeared first on Coinpedia Fintech News
After several months of volatile and uncertain trading, the altcoin market is poised for a welcome relief rally in the fourth quarter of 2023. This optimism is fueled by the anticipation of crypto traders looking to capitalize on profits during the end-of-year festivities, leading to a surge in overall trade volume. Notably, some lower-cap altcoins quietly building more robust products during the winter months are expected to outperform their top-rated counterparts.
Top Altcoins Showcasing Heightened On-chain Activity
Despite markets cooling off for a 2nd consecutive day, several #altcoins are seeing rises in the amount of unique addresses interacting on their networks. Keep an eye on $BCH, $SLP, $MASK, $LEVER, & $CVC. Also, #crypto's top #stablecoin, $USDT. https://t.co/DDsQFKVCoz pic.twitter.com/x5vfwabMml
— Santiment (@santimentfeed) October 4, 2023
According to insights from Santiment, a prominent crypto market intelligence platform, several altcoins have recently experienced a significant surge in on-chain address activity. As October brought about a much-anticipated bullish sentiment among crypto enthusiasts, Santiment observed a substantial uptick in demand for the following altcoins:
Bitcoin Cash (BCH)
Smooth Love Portion (SLP)
Mask Network ($MASK)
LeverFi ($LEVER)
Civic (CVC)
Increased on-chain address activity is an indicator of heightened utility, often accompanied by more frequent price breakouts.
Alongside the surge in on-chain activity for select altcoins, Santiment also highlighted a remarkable increase in demand for the leading stablecoin, Tether (USDT). As per the latest data from the crypto market, Tether USDT boasted a market capitalization of approximately $83.2 billion and a daily trading volume of nearly $19.1 billion—almost three times higher than that of Bitcoin. This substantial uptick in Tether USDT volume during a bullish crypto climate is often interpreted as a sign of fresh capital entering the industry.