As Bitcoin (BTC) approached $67,000 on Friday, the altcoin market, especially Ethereum (ETH), showed strong bullish signs. Many altcoins have been consolidating for several weeks, following a trend that started earlier this year.
On-chain data reveals that institutional investors have been actively buying up altcoins, preparing for the expected peak of the crypto bull cycle. Additionally, most altcoins have recently tested and confirmed a bullish trend reversal. With Bitcoin dominance likely to decrease, focusing on the altcoin market could be key to maximizing profits.
Santiment’s Recommendations for Maximizing Altcoin Profits
According to market intelligence platform Santiment, crypto investors should pay close attention to the average trading returns of various assets. Santiment advises that if you expect markets to surge, investing in assets where traders have experienced the most pain historically offers a higher chance of achieving significant returns.
Source: X
Based on their market analysis, Santiment suggests that Shiba Inu (SHIB), Uniswap (UNI), Polygon (MATIC), Chainlink (LINK), Cardano (ADA), and Ripple-backed XRP are the top large-cap altcoins to buy now for future profit potential.
In contrast, Santiment cautions that Toncoin (TON), Bitcoin, Ethereum (ETH), and Dogecoin (DOGE) might carry higher risks and may not be as effective for maximizing profits during the anticipated altseason.
Crypto Volatility and Market Outlook
Increased volatility in the cryptocurrency market is expected to persist as traders await the FOMC statements next week. Historical data suggests that August could become bearish for the crypto industry as a whole.
However, the outlook for the crypto market is more positive for the fourth quarter. The industry is likely to turn bullish, driven by the U.S. elections and anticipated interest rate cuts.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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