A prominent market intelligence platform says that a handful of altcoins should continue to rally as traders continue to focus on Bitcoin (BTC) and Ethereum (ETH).

In a new thread on the social media platform X, crypto analytics firm Santiment says that nine altcoins – including Polygon (MATIC), Decentraland (MANA), Fantom (FTM), and Pepe (PEPE) – are seeing spikes in new wallet addresses created as well as their prices.

“As trader focus has been primarily on Bitcoin and Ethereum, mid-caps have quietly seen big network growth rises. With AXS, MANA, FTM, INJ, MATIC, DAI, PEPE, POWR, QNT, & AGIX seeing spikes in new wallets created, prices can continue to climb.”

According to Santiment, both BTC and altcoins are moving away from their reliance on the equities markets, which could be a sign of an upcoming bull market.

“Bitcoin scratched its way to a new 17-month high again today. Even better, crypto market caps are growing as the S&P500 declines. This suggests that BTC’s and altcoins’ 2-year reliance on equities is gone, a typical recipe for bull market conditions.”

Santiment goes on to note that the upcoming release of spot market Bitcoin exchange-traded funds (ETFs) are fueli

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Author: Daily Hodl Staff

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