- Santiment’s analysis of social trends has revealed the three most discussed altcoins.
- Crypto traders now have lower expectations for a strong “Uptober” rally.
- The acquisition of the popular Japanese chain pushed Aptos to a three-month high.
Despite high expectations for an ‘uptober’, historically strong sentiment was completely reversed earlier this month. As the deepening geopolitical situation in the Middle East takes a toll on the broader cryptocurrency market, there are a few select coins that are defying the odds and remaining strong.
Three major altcoins have been named as potential leaders of the cryptocurrency rally, but for a variety of reasons, according to a recent analysis by blockchain intelligence firm Santiment.
Bitwise adds XRP to ETP negotiations
First, Ripple (XRP) emerged as a social champion, garnering the most attention on social media channels due to Bitwise’s exchange-traded product (ETP) submission.
Just as Bitwise received approval from the Securities and Exchange Commission (SEC) for its first Bitcoin exchange-traded fund (ETF) in January 2024, the heavyweight cryptocurrency asset manager is helping bridge the gap between traditional finance and digital assets. It plays a pivotal role.
On the other hand, the long legal battle between Ripple and the SEC continues to this day. Most recently, the SEC filed an appeal of its ruling that XRP was a non-security, despite Ripple previously winning a legal battle over the security claim.
Is “Uptober” still in the cards?
Although Ripple’s legal developments and the groundbreaking Bitwise ETP filling have pushed XRP to the top of the list of popular coins, the altcoin has still experienced double-digit failures over the past seven days. XRP, which was trading at $0.65 on September 29, 2024, fell to $0.51 on October 3, 2024, finding support at this price range.
In contrast, two other altcoins on the trending list completely defied the odds of a bear market and remained green over the same period. Aptos (APT), the second most searched altcoin this week, saw its price rise 8.5% for the week due to Aptos Labs’ recent acquisition of HashPalette Inc. HashPalette is seen as a major move to strengthen its dominance in the Asian market. japan.
Today, Aptos hit a three-month high of $8.92, before falling slightly to $8.85 at press time. Santiment also predicts that Aptos will ultimately see double-digit growth as the Move technology-based blockchain continues to gain increasing institutional interest.
A similar pattern has been seen with Chainlink (LINK), as the third most discussed altcoin this week is gaining institutional attention, especially thanks to Chainlink’s Cross-Chain Interoperability Protocol (CCIP). However, the altcoin has seen a steep decline of 13% over the past seven days and has recovered only 3% since its weekly low.
The altcoin, which is limited to 1 billion tokens and is currently trading at $10.99, could see a stronger rally if technological advancements push the LINK price higher. With trading volume 79% lower than its all-time high of $52.70 three years ago, Chainlink has become useful to financial institutions looking for an all-purpose payment system that features both SWIFT and cryptocurrency trading.
On the flipside
- Despite the increasing social commentary, market sentiment for XRP remains weak due to the sharp price decline since last week.
Why This Matters
Building relationships with large financial institutions increases the sustainability of blockchains, potentially driving price appreciation for associated cryptocurrencies.
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