Crypto Insights platform Santiment reveals a list of five altcoins that are skyrocketing due to the growing interest of crypto traders.
In a new tweet, the analytics company named XRP, Uniswap (UNI), Voyager Token (VGX), Curve (CRV) and 1 Zoll the beneficiaries of the increasing interest from crypto traders.
“XRP, UNI and midcaps like VGX, CRV and 1NCH have spearheaded the altcoin fee for the past 24 hours. Crowd interest has moved away from Bitcoin and Ethereum (at least temporarily) as the fundamentals of the chain are used to identify upcoming pumps. “
Santiment / Twitter
Santiment is also putting UNI in the spotlight after the DEX (Decentralized Exchange) token hit a new all-time high of $ 20. The Crypto Intelligence platform examines various on-chain signals to determine if UNI is ripe for a correction.
According to Santiment, Uniswap remains the market leader in the space (DEX) in terms of volume and number of trades with no signs of slowing down, even as the platform no longer rewards users with income rewards.
While activity in DEX remains strong, Santiment points out that UNI’s price is rising amid a significant drop in volume. The divergence suggests that a price reversal is in sight.
Santiment adds that UNI’s social volume has risen to its highest level in three months, which is another indication that a short-term spike may be present.
“As usual, the crowd tends to play FOMO at the top, which suggests that this could be a top local formation for UNI.”
The cryptanalyst also notes that the increasing supply of coins on the exchanges is not a good sign for UNI.
“With the recent price recovery, we are seeing an increase in the supply of coins on the stock exchanges. This should act as selling pressure for now, but the next few days should give us a clearer picture of how things are going to play out.
The price tends to decrease after a sharp increase in the supply of coins on the exchanges, as observed in the past. “
All in all, Santiment expects UNI to go up and down as the threat of a new supply in the market could make the crypto asset bearish.
“There could be a temporary spike when the FOMOs are in the crowd and some market participants are sending their UNIs to exchanges.
Given the rise in prices at UNI, the community treasury is now very large (previously it was $ 500 million). More than $ 1 billion should be available now …
As soon as the war chest is active, there should be more UNIs in circulation, which should ultimately lead to a certain pressure to sell. “
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