Shiba Inu, Dogecoin And Floki Set To Eclipse Bitcoin’s Legacy After Market Chaos, Says Analytics Firm

In the wake of last week’s significant market downturn, the cryptocurrency landscape has been a topic of intense debate and speculation, with market caps across the board witnessing substantial declines, leading to polarized opinions among traders and investors.

While some anticipate a swift market recovery, others view the recent events as merely the onset of a more extended downturn.

However, according to crypto analytics firm Santiment, a leading crypto analytics platform, there’s a silver lining amidst the chaos.

In a post on X on Friday, the firm highlighted that the average returns on altcoins are currently in a “mathematically historic opportunity zone.”

This suggests that, from a statistical standpoint, there might be significant upside potential for investors willing to enter the market at this juncture.

Image: Santiment 

The recent market events marked one of the most pronounced price drops in 2023. The aftermath of this decline is still very much in the air, with the market yet to find stable ground.

Also Read: Amid Crypto Bloodbath, Expert Predicts Bitcoin Could Reach $300,000 To $500,000 By 2024

One noteworthy observation from Santiment’s data shared on Thursday is the surge in high-value Bitcoin BTC/USD transactions, specifically those exceeding $1 million. This indicates that “whales” or large-scale investors are notably active, possibly capitalizing on the market’s current state.

Image: Santiment

Interestingly, despite the market turmoil and the active movement of large sums of Bitcoin, the number of substantial wallet holders hasn’t declined. This could be interpreted as a sign of confidence among seasoned investors, suggesting that they might be viewing the current market conditions as a buying opportunity rather than a cause for panic.

All in all, while the crypto market’s recent events have undoubtedly shaken investor confidence, underlying data points towards potential bullish signals, especially for altcoins.

The overall cryptocurrency market has experienced a significant drop recently, seemingly due to indications from the Federal Reserve about a potential interest rate increase. The leading 10 digital currencies have reported losses in the double figures. Prominent digital assets such as Ripple XRP/USD, Solana SOL/USD, Dogecoin DOGE/USD and Shiba Inu SHIB/USD have seen their values decrease by 13%, 11.3%, 15.6%, and 21% respectively in the past week.

Read Next: Mysterious Shiba Inu Whale Moves Trillions Of SHIB Amidst Shibarium Launch

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