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Will October Be Bitcoin’s Golden Month Again? A Dive Into A Decade Of Bullish Trends

Bitcoin, the leading digital currency, has often seen its fortunes rise with October’s arrival, and historical data points towards the possibility of a similar trend this year.

Over the past decade, Bitcoin’s October performance has been notably bullish, leaving many investors hopeful for a turnaround after recent challenging months. But while the past does offer a ray of optimism, the unpredictable nature of crypto markets means that the future remains uncertain.

A Decade Of October Gains For Bitcoin

Influencer Crypto Tony recently shed light on Bitcoin’s historically positive performance in October. Sharing a decade-long chart of Bitcoin’s track record, Tony highlighted that eight of the past ten years have seen Bitcoin close October with commendable gains.

8/10 OUT OF 10 OCTOBERS HAVE BEEN BULLISH FOR THE MARKETS

We are still only 4 days in, plenty of time to see a nice bounce in the month and close green pic.twitter.com/xM4EhD7Jrs

— Crypto Tony (@CryptoTony__) October 4, 2023

The data speaks for itself; in 2021, Bitcoin soared by 39.93% in October, while 2020 saw an increase of 27.7%. In 2017, October ended with a bullish surge of 47.81%, and a 60.79% leap in 2013 is the most significant October gain yet.

It is worth noting that this analysis offers more than just numbers. It paints a picture of optimism for many in the crypto community, fostering hope that this October would again be favorable for Bitcoin.

Tony, bullish in his perspective, remarked that although Bitcoin’s current price may not seem overly promising, it’s worth remembering we are in the early days of October. Thus, there’s ample opportunity for the market to rebound.

Past Performance Vs. Future Predictability

However, some in the community advise caution, as with any trend analysis. Relying purely on historical data to forecast future market movement can be a precarious strategy.

An anonymous user on platform X (formerly known as Twitter) voiced such concerns, arguing that while the future often exhibits patterns reminiscent of the past, it doesn’t necessarily mirror it. “Skeptical about predicting the future based solely on past results. The future often rhymes with the past but isn’t an exact repeat,” they commented.

Notably, despite these reservations, investors often consider the historical positivity Bitcoin showcased in October. Whether or not the crypto will adhere to its previous patterns remains to be seen. Meanwhile, Bitcoin has shown quite an upward trajectory over the past week.

Notably, the top crypto has surged by 5.2% in the past 7 days and 1% in the past 24 hours, bringing its current market price to trade at $27,699 at the time of writing with a market capitalization of $9.6 billion.

Featured image from iStock, Chart from TradingView

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Blockchain

Crypto Investor Buying Power Just Reached A 6-Month High, What This Means

For the crypto market to fully enter another epic bull run, investors must be willing to purchase digital assets in large quantities. After a long stretch of abysmal performance, it looks like crypto investors are finally starting to believe in the market as they begin to pool their buying power to enter back into the market.

Crypto Buying Power At 6-Month Highs

An interesting development reported by the on-chain data tracker Santiment is the accumulation of Tether’s USDT stablecoin by crypto investors. As Santiment points out, the total amount of USDT being held on exchanges saw a notable uptick recently.

The figure which takes into account the total USDT held across the top exchanges went from only 17.6% of the stablecoin’s circulating supply to a whopping 24.7%. This 7.1% jump represents the growing interest of investors to get back into the market which could be bullish for prices.

As always, the large whales led the charge in this accumulation trend. The top 10 largest wallets saw their combined holdings rise from $7.23 billion to more than $9.42 billion in the same timeframe.

Now, when investors start upping their stablecoin holdings, it signals a readiness to begin buying digital assets once more and also shows the current buying power. As the amount of USDT held on exchanges has crossed over to a 6-month high, it could point toward the start of the largest rally seen in the market in 2023.

The accumulation being spread across large and small wallets alike shows that this is not a localized sentiment. Rather, most investors are seeing genuine chances for an upside and are looking to harness some of those gains for themselves.

What To Expect

After accumulating a large tranche of stablecoins as illustrated in the Santiment report, crypto investors would often wait for a good time to deploy it. This is usually when the market experiences a notable crash, plunging the entire space into the red.

At this point, investors would be looking to get back into coins at a time when they look to be on discount. This is often when the market forms support and then prices begin to surge not too long afterward.

Mainly, these stablecoins will be deployed into the largest digital assets first such as Bitcoin (BTC) and Ethereum (ETH). Then once there are enough profits, investors will usually rotate into smaller cap coins, which is why altcoins tend to delay a bit in following Bitcoin’s recovery.

Such a scenario will likely see the price of Bitcoin rally toward $29,000 and then bring the crypto market cap above $1.1 trillion once more.

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Blockchain

XRP Derivatives Volume Soars by over 200%, Could This Signal A Price Breakout?

In a remarkable turn of events, XRP derivatives trading volume has experienced an astonishing surge of 204% within a mere 24-hour period. This surge coincides with the recent disclosure by Judge Torres regarding the denial of the Securities and Exchange Commission’s (SEC) interlocutory appeal against Ripple Labs

Judge’s Ruling Against SEC Boosts XRP Sentiment

According to data from Coinglass, a leading cryptocurrency analytics platform, XRP derivatives trading volume has witnessed an unprecedented spike, reflecting a significant increase in market activity. 

This surge in trading activity suggests a growing interest in XRP among investors eager to capitalize on the recent legal developments surrounding Ripple Labs.

To provide further context, derivatives trading refers to the buying and selling financial instruments that derive value from an underlying asset, such as a stock, bond, commodity, or cryptocurrency. 

These instruments, known as derivatives, include futures contracts, options, swaps, and other financial contracts. Derivatives allow investors to speculate on the underlying asset’s price movements without owning it directly.

A surge in derivatives trading volume can have significant implications for XRP. Firstly, it indicates higher market participation and interest in the cryptocurrency. 

When more investors and traders actively engage with XRP through derivatives, it can lead to increased liquidity and price discovery.

Derivatives trading can also contribute to increased price volatility in XRP. As traders speculate on the future price of XRP through derivatives contracts, it can amplify price swings. 

With higher trading volume, there is a larger number of participants taking positions on XRP’s price movement, which can result in more pronounced price fluctuations.

Furthermore, a surge in derivatives trading volume can reflect growing market sentiment and investor confidence in XRP. When trading activity increases, it suggests a higher level of interest and engagement from market participants. 

With XRP currently trading at $0.5347, the cryptocurrency has experienced a notable 4.3% surge in the past 24 hours. 

The surge in derivatives trading volume further adds to the growing evidence that the token could be on the cusp of a significant breakout if the bullish momentum continues.

Poised For Upward Movement?

Renowned crypto analyst Dark Defender recently highlighted that XRP has exhibited signs of breaking out from its ongoing consolidation phase given the recent win against the SEC.

This occurrence draws parallels to a previous instance on July 13, with the first ruling of Judge Torres, during which the token experienced a remarkable rally of 80%, reaching as high as $0.9343

Drawing insights from this historical precedent, it is plausible to speculate that XRP might be gearing up for another upward movement. Dark Defender emphasizes that traders should keep a close eye on the next Fibonacci level, which is $0.66. 

However, XRP must maintain support above $0.50 to attain this level. This support level is of particular significance as XRP remained relatively stagnant around it for most of September.

Overall, the recent disclosure by Judge Torres, denying the SEC’s appeal, has provided a significant boost to Ripple Labs and its supporters. 

Furthermore, the news has instilled renewed optimism within the XRP community, leading many investors to believe that a total victory for Ripple Labs is now within reach, possibly just months away.

Featured image from Shutterstock, chart from TradingView.com 

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Blockchain

Here’s The Level Bitcoin Must Conquer If Rally Has To Return

Here’s the level, according to on-chain data, that Bitcoin might have to conquer if the rally has to make a real comeback.

Bitcoin Is Currently Near Short-Term Holder Cost Basis

In a new post on X, analyst Root shared a chart revealing that the BTC price has recently been retesting the short-term holders’ cost basis or the realized price (STHs).

The “realized price” here measures the average price at which Bitcoin investors acquired their coins. When the spot price is trading above this indicator, the holders are in a state of profit right now, while below the metric implies the market is in loss.

This realized price is for the entire investor base but can be defined only for specific segments. In the context of the current discussion, the holder group of interest is the “short-term holders” (STHs).

The STHs include all investors who purchased their coins less than 155 days ago. Their average cost basis should, thus, lie inside the price range of the past five months.

Here is a chart that shows how the realized price of the Bitcoin STHs has changed over the past few years:

As displayed in the above graph, Bitcoin briefly broke above the STH realized price during the latest rally above the $28,000 level. Still, with the pullback, the cryptocurrency has plunged under the metric again.

The STH cost basis has been historically important for the asset, as breaks above the level generally mean bullish winds. At the same time, plunges under have often brought with them bearish momentum.

But the significance doesn’t end there: the level has acted as support during rallies and has provided resistance in bearish periods. The explanation behind this curious pattern could lie in investor psychology.

While rallies are going on if the BTC spot price drops to the cost basis of the STHs, these investors may tend to believe that the price would once again go up in the future, and so, they might buy more at their cost basis, thinking it to be a profitable buy. This extraordinary buying pressure could be behind the support BTC finds here.

Conversely, bear markets put fear in the minds of the STHs, so as soon as they can break even, they quickly sell and exit, thus providing resistance to the cryptocurrency.

It now remains to be seen whether Bitcoin will make a break above the STH realized price in the coming days, and if it does, whether the price will be able to stay above it for an extended period, unlike the latest attempt.

Bitcoin had been enjoying support at this level during the rally in the first half of the year, so if it can reclaim the line again, it would be an optimistic sign for things to come.

BTC Price

At the time of writing, Bitcoin is trading at around $27,400, up 4% in the last week.

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Blockchain

Will Bitcoin Price Crash To $10,000? Bloomberg Expert Reveals When

Many analysts have weighed on the potential trajectory of the flagship cryptocurrency, Bitcoin. This time, Bloomberg analyst Mike McGlone has highlighted the possibility of Bitcoin price declining further and when this could happen.

Bitcoin Price Could Decline Further

In a tweet on his X (formerly Twitter) platform, McGlone noted that Bitcoin risks declining to $10,000 (which could happen by year-end) as it continues to battle the $30,000 resistance level

This resistance level has long been touted as the key to a sustained breakout in Bitcoin’s price. However, going by the analysis that McGlone shared, the odds seem to be against this happening. 

Bitcoin has risen significantly in 2023, considering that the crypto asset traded at around $16,000 at the beginning of the year. But, McGlone warned that this may be a “short-covering rally.”

As part of this analysis, he noted that liquidity in the Bitcoin ecosystem remained negative heading into the fourth quarter. This ultimately means there is more selling pressure than buying pressure, which could affect Bitcoin’s price. 

Another factor is the rising interest rates. McGlone noted that Bitcoin gained prominence in a “zero interest-rate world” with greater financial freedom. But now, Bitcoin (alongside other cryptocurrencies) might continue to endure a hangover as “global rates continue to rise.” 

Global inflation is said to be on the rise, and to curb it, authorities are raising interest rates, which could restrict spending and, by extension, the liquidity that goes into the crypto market. 

Meanwhile, the analysis noted Bitcoin’s importance in the grand scheme of things. Bloomberg Intelligence drew a correlation between the FED fund futures and Bitcoin’s price. According to projections, Bitcoin needs to decline further before there can be a liquidity reversal in those funds. 

While the Federal Reserve may not care about Bitcoin, he stated that Bitcoin’s “24/7-traded, leading indicator status could be gaining traction.”

The Fate Of The Broader Crypto Market

In another tweet, McGlone noted that cryptocurrencies “might be leaning into recession.” To drive home this point, he highlighted the relation between the crypto and stock market and stated that the latter could succumb to an “ebbing tide” suppose the stock market were to experience a “typical drawdown” due to a recession. 

Despite the “broader on-and-of-again fluctuations,” this projection is said to be reflected in the “downward trajectory” of the Bloomberg Galaxy Crypto Index (BGCI) and Russell 2000 Index (RTY) from their all-time highs in 2022. Both markets have remained tepid and continue to consolidate as they anticipate a “catalyst” that could spark a price surge. 

This analysis is similar to that of crypto analyst Nicholas Merten, who, while drawing out the direct relation between both markets, noted that if the stocks of big tech companies like Apple and Microsoft don’t start picking up, there could be a “really big problem” for the crypto market. 

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Blockchain

FTX’s FTT Price Skyrockets 20%: Here’s Why the Rally Has Just Begun

The FTT price has been challenging gravity and the overall trend in the crypto market for the past two weeks. A recent report hints at a potential bullish continuation based on this scenario and to the benefit of the FTX creditors.

As of this writing, the FTT price trades at $1.20, with sideways movement in the last 24 hours. The token recorded a 19% profit in the previous two weeks, while the last 30 days show a 15% increase. In the meantime, major cryptocurrencies have seen half of this price action over the same period.

FTT Price On The Verge Of Massive Rally?

The surge in the FTT price is supported by the current negotiations between Artificial Intelligence (AI) company Anthropic and the big tech sector. As our sister website Bitcoinist reported, the company received a $1.5 billion capital injection from Amazon.

The big tech giant committed to increasing their investment by up to $4 billion via Amazon Web Services (AWS). The partners will work to develop AI solutions to compete with Google, Microsoft, Nvidia, and others.

The AI company received support from failed crypto exchange FTX before its collapse in 2022. In that sense, if Anthropic can secure support from other big tech companies, the initial investment made by FTX will increase, allowing the new management to count on more assets and potentially repay creditors.

A recent report from the Information claims that Anthropic is exploring further partnerships following its Amazon deal. The OpenAI competitor could receive support from Google. The big tech giant already bought a 10% stake in the startup at the same time as FTX.

If this deal materializes, the company could increase its valuation from $4 billion to over $20 to $30 billion. Thus, FTX’s initial investment will increase by a significant amount.

The negotiations between Anthropic and its potential partners have directly impacted the FTT price. The current manager has publicly emphasized his intention to re-launch the trading venue to repay its creditors.

A successful sale of their stake in Anthropic could benefit FTX’s current management and give them enough capital to succeed. If this scenario materializes, the company’s native token is bound to extend its recent run and could potentially reclaim previously lost territory.

The FTT price reached an all-time high above $60, meaning it has much room to grow if the company relaunches. Any news related to Anthropic or an FTX’s relaunch will positively affect the token.

Cover image from Unsplash, chart from Tradingview

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Is XRP Growth Real Or Just Smoke And Mirrors? Here’s What Liquidation Data Shows

XRP, the digital currency associated with Ripple Labs, has been making headlines with its recent price rally. However, a report suggests that the hype surrounding its performance might be overstated, as market data paints a different picture. 

Despite a positive legal ruling and a robust community, XRP seems to struggle to gain the same level of confidence as Bitcoin (BTC) and Ethereum (ETH) among investors.

Liquidation data from CoinGlass reveals that in the past 24 hours, approximately $4.20 million worth of XRP has been liquidated. Interestingly, the short positions accounted for a mere $66.13K in losses, while long traders recorded a substantial $2.09 million loss. 

Liquidation Data Raises Questions On XRP’s Price Rally

This data underscores the fact that the recent ruling by Judge Analisa Torres, which classified XRP as not a security when traded on exchanges, failed to ignite significant bullish sentiment for the cryptocurrency.

Comparing this liquidation data with that of Bitcoin and Ethereum reveals a stark contrast, further suggesting that XRP is still considered a less promising digital asset. This contrast raises doubts about the bullish predictions made by some experts following the recent legal ruling. It appears that despite its strong community support, XRP’s growth indicators are not aligning with the optimism that has surrounded it.

Currently priced at $0.529 according to CoinGecko, XRP has seen a 5.0% growth in the past 24 hours and a seven-day rally of 7.4%. Despite these gains, market observers remain cautious about the coin’s long-term potential.

XRP Trajectory: Contrasting Perspectives

In a separate report, there is a contrasting perspective that suggests XRP could still experience significant growth in value. This report highlights the fact that during the prolonged legal battle with the US Securities and Exchange Commission that began in December 2020, XRP has shifted its focus to overseas markets.

This strategic move has led to impressive client wins in emerging markets, where Ripple’s payment platform has the potential to make a substantial impact.

These client wins have paved the way for promising developments, particularly in projects related to cross-border payment systems and Central Bank Digital Currencies (CBDCs). These initiatives hold the potential to drive the long-term value of XRP, as they expand its use cases beyond speculative trading.

XRP’s recent price surge may have garnered attention, but skepticism remains prevalent in the market. While some believe in its potential for further growth, the current data and market sentiment suggest that XRP still has hurdles to overcome to solidify its position as a top-tier digital currency.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

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Crypto Drug Cartel Ties: On-chain Investigator Drags Ethereum Into The Mess

An on-chain crypto investigator took to social media to expose the supposed black truth behind Justin Sun’s Tron but has thrown Ethereum in the mix, alleging that the cryptocurrency is backed by the CCP and may harbor crypto wallet addresses by Fentanyl traffickers. 

On-Chain Detective Unveils Potential Tron Ponzi Scheme

An X (formerly Twitter) user going by the username @BoringSleuth has gained the attention of the crypto community after uncovering potential evidence of Tron allegedly being a Ponzi scheme governed by one of the world’s largest crypto criminal drug cartels. 

“I showed and told the World that Tron $TRX was a massive Ponzi, run by a part of the largest criminal Cartel in the World, and connected to the CCP,” BoringSleuth said.

I showed and told the World that Tron $TRX was a massive Ponzi, ran by a part of the largest criminal Cartel in the World, and connected to the CCP.

Today, the DOJ charged 8 CCP companies with illegal drug production, distribution, and sales around Fentanyl. Over half of their… https://t.co/Yjbnv2fgPN pic.twitter.com/do4JLiAgLh

— TruthLabs (@BoringSleuth) October 4, 2023

BoringSleuth disclosed that the United States Department of Justice (DOJ) has sanctioned eight Chinese Communist Party (CCP) companies for allegedly operating a clandestine drug production and distribution sales network around Fentanyl. 

The crypto investigator revealed that more than half of the wallets owned by these companies were traced back to Tron and the remainder allegedly being on the Ethereum blockchain. 

After analyzing the original sales of the TRX token, BoringSleuth stated that he had reviewed the top 20 cryptocurrency wallets in Tron’s original token sale list to decipher the owners of the wallets and how much TRX supply these wallets have acquired.

According to the investigator, out of the 20 wallets, 17 were created and owned by the infamous criminal organization disguised to represent genuine investors. He revealed that the criminal organization was connected to the CCP, and 98% of Tron’s total token supply was received by these 17 wallets.

The on-chain investigator also mentioned that cryptocurrency exchanges like Huobi Global, and cryptocurrencies like Shiba Inu may also be linked to the CCP and Wanxiang, a Chinese multinational conglomerate and the team that funded Ethereum Foundation wallets and Ethereum’s Founder, Vitalik Buterin. 

Investigations Cast Shadows On Ethereum

The crypto industry has experienced a series of Ponzi schemes and rug pulls for years now, causing investors and regulators to be wary of crypto exchanges and organizations in the space. 

While Tron is faced with speculations of being a well-orchestrated Ponzi scheme and having connections with the CCP, the revelation that Ethereum, the world’s second-largest cryptocurrency may be backed by the CCP and connected to companies involved in drug trafficking has left the crypto community in a paradox. 

According to BoringSleuth, the CCP is allegedly supporting Ethereum and other blockchains as well as multiple Decentralized Exchanges (DEX) and Centralized Exchanges (CEX) in the crypto space. 

The crypto investigator utilized a previous transaction that saw the CCP receiving 133,700 ether on a single Genesis Block address owned by the party, as a reference to a connection between Ethereum and the CCP.

BoringSleuth has also stated a potential connection between Ethereum’s Founders and the CCP, which he said he would be revealing in detail soon. 

The allegations faced by Tron and Ethereum come amid the increasing scrutiny of China’s role in the cryptocurrency landscape. Although the crypto X community is presently reeling from the on-chain investigator’s hypothesis, no concrete evidence linking Ethereum to the CCP has emerged, leaving the allegations in the realm of speculation.

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Chainlink Creator Expects Mass Crypto Adoption To Send Market Cap To $10 Trillion

In a recent interview, Chainlink’s co-founder, Sergey Nazarov, said the collapse of the banking industry will drive crypto mass adoption.

Chainlink’s Co-Founder Predicts Crypto And Blockchain Prospects Over The Next Decade

Sergey Nazarov believes that the collapse of the banking industry will favor crypto adoption and growth in the next decade.

Nazarov believes the crypto industry and its technological innovations might maintain the same slow growth pace. However, the industry player cited two possible crypto and blockchain adoption scenarios in the next ten years.

First, the Chainlink co-founder proposed a fast-case scenario where the collapse of the traditional finance system puts individuals in pain. This pain will force individuals to “acknowledge the relevance” of cryptographic financial systems. 

Further, Nazarov noted that the continued collapse of banks like Silicon Valley Bank could fast-track crypto adoption. 

Secondly, based on the first theory, the collapse of traditional finance systems will lead to political tension and international problems. Nazarov believes investors will favor crypto for financial operations if the pain of suffering losses becomes unbearable. 

Therefore, Nazarov insists that even in the slow case, the crypto market is likely on its way to a $10 trillion market cap. 

Chainlink’s Adoption By ANZ Banking Group Supports Nazarov’s Growth Theory

According to a new industry report, ANZ Bank has adopted Chainlink’s CCIP for cross-chain tokenized asset settlement. CCIP solution helps to transfer data and tokenized assets across blockchains in a decentralized and secure way, according to the crypto founder. 

Notably, ANZ Bank is one of the world’s largest banks, with over $1 trillion in total assets managed. Sergey Nazarov noted that Chainlink’s adoption by ANZ shows how large companies are now adopting Chainlink’s CCIP. 

Also, the co-founder stated that building on a global internet needs secure connectivity between private bank chains and public chains. 

The CCIP is an upgrade on the Chainlink Network that functions as a global Internet of Contracts. This upgrade aims to create the world’s largest liquidity layer across various regions and markets. 

Remarkably, Nazarov stated that CCIP can create a higher level of cross-chain security. It achieves this extra security with multiple layers of decentralization and advanced risk management techniques. 

Moreover, most cryptocurrencies offer users fast and secure cross-border transactions cheaply. However, some critics still insist that cryptocurrencies are unreliable based on their volatility and crisis in the sector. 

With innovations like the CCIP of Chainlink, more banks may integrate crypto and blockchain-based solutions. This drives crypto to mainstream adoption, increasing the market cap to $10 trillion, as Nazarov predicts.

Meanwhile, the collapse of banks such as Silicon Valley Bank (SVB) in 2023 has strained the global finance economy. If another banking crisis occurs, cryptocurrencies might become the preferred option for most investors based on their rising utility.

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Blockchain

These Are The Altcoins To Keep An Eye On: Santiment

Data from Santiment shows that several altcoins have registered an increase in address activity, which may make them worth keeping an eye on.

Bitcoin Cash & Other Altcoins Have Observed A Rise In Active Addresses

As explained by the on-chain analytics firm Santiment in a new post on X, some alts are seeing rising activity despite the cooldown that the overall cryptocurrency sector has observed in the past couple of days.

The indicator of interest here is the “daily active addresses,” which keeps track of the total number of unique addresses of any given coin that are interacting on the blockchain in some way every day. The metric accounts for both senders and receivers.

By “unique,” what’s meant here is that any address participating in transaction activity on the blockchain is only counted once, regardless of how many transfers it may be involved in.

This restriction helps provide a more accurate representation of the actual activity on the network, as just a few addresses making hundreds of transactions can’t skew the metric by themselves.

When the value of the indicator is high, it means that there are a large number of unique addresses taking part in transaction activity right now. Such a trend implies the blockchain is receiving a high amount of traffic currently.

On the other hand, low values imply not many users are interacting with the network, a possible sign that interest in trading the cryptocurrency is low at the moment.

Now, here is a chart that shows the trend in the daily active addresses for several different altcoins over the past month:

As displayed in the above graph, the daily active addresses indicator has observed a sharp surge in the past couple of days for the altcoins listed here: Bitcoin Cash (BCH), Small Love Potion (SLP), Mask (MASK), LeverFi (LEVER), and Civic (CVC).

According to Santiment, these latest highs in the metric correspond to the highest levels that these cryptocurrencies have witnessed in around three months. Such high activity naturally suggests that there is a lot of interest in these coins among investors right now.

Most of these are small-cap coins, though, but there is one among them that has a very notable standing in the rest of the market: BCH. The 16th-ranked asset in the sector has registered a decline in the last two days, much like the wider sector, but the asset’s active addresses have remained high in number.

Usually, high address activity is a good sign for rallies, as a large amount of active trader pool means that the move has a higher probability of finding the fuel it needs to keep itself going.

Interestingly, besides these altcoins, the largest stablecoin in the sector, Tether (USDT), has also seen the indicator shoot up during this period. Investors use stablecoins for storing their value in a more secure form and for buying into other assets, so the high address activity can potentially be a sign that some moves are taking place in the background.

BCH Price

Bitcoin Cash had earlier surged past the $250 mark, but with the latest drawdown, the altcoin has plunged to $230.

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