There has been a rise in user adoption of altcoins like Litecoin and Dogecoin, based on wallet activity, Santiment reveals.
The altcoin market cap has been quite on a rollercoaster so far. Following a recent spike to $1.082 trillion on the 21st of July, the global altcoin market cap has now dipped to as low as $1 trillion on the 25th of July.revealedThe data, provided by Santiment, a cryptocurrency market intelligence platform, highlights the enduring appeal and expanding user base of these digital currencies.
Litecoin, often dubbed “Bitcoin’s silver,” leads with approximately 8.08 million non-empty wallets, indicating its widespread acceptance among investors. Dogecoin follows closely with 6.69 million non-empty wallets, showcasing strong user engagement despite its origins as a meme coin. Santiment’s 10-year chart analysis also reveals significant growth in the number of non-empty wallets across several altcoins, signifying increased user adoption.and Cardano are notable mentions, with 5.24 million and 4.48 million wallets respectively, reflecting their solid foothold in the market. Additionally,The discussion around altcoins often extends to their potential market trajectories. For instance, Chainlink, which currently has 722,000 non-empty wallets, trades at about $13.
However, analysts are drawing parallels between Chainlink’s current chart pattern and Ethereum’s trajectory in 2021, when it saw a substantial increase.“Dogecoin is playing the same pattern we’ve seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run. So now we just wait!!!”Specifically, Chainlink’s RSI stands at 55, suggesting a balance in buying and selling pressures, while Dogecoin’s RSI is slightly higher at 65.
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