Popular crypto research firm Santiment has released a report that will make a sound. According to the report, there are three cryptocurrencies that have the potential to perform better than Bitcoin: LINK, REN and ETH. These altcoins have entered a strong upward trend in recent days due to their improved foundations. What will happen next?
“Some altcoins may perform better than bitcoin soon.”
Chainlink’s LINK token, which provides data connection between various block chains, has been giving very good signals recently. It is believed that the coin, which recently managed to reach $6.51, benefited from the latest launch of the Blockchain Service Network in China, which uses the technology of Chainlink. In addition to LINK, ETH and REN also give a very good view recently.
It was stated that altcoins are measured according to three metrics. These are Network Value – Transaction Rate (NVT), Daily Effective Addresses (DAA) and Consumed Emotion Volume.
The Network Value Transactions Ratio focuses on the value that is carried to market value on a particular network. The low trading volume represents the asset being overvalued. The second metric (DAA) checks how many different crypto addresses are in contact with a particular token. The third expresses the general market feeling.
How many points did bitcoin get?
The assessment scale of assets ranged from 0 to 10. Bitcoin scored 5, 6.5 and 4.5 points in these three metrics. Ethereum got 5, 8 and 7.5 points.
LINK was rated 9, 5.5 and 7.2. REN made 8, 7.5 and 6.3. These statistics show that the altcoin market is outperforming BTC and offers suitable alternatives for the king of cryptocurrencies.
It should not be forgotten that there are short term cryptocurrency data.
Santiment explained that these scores do not represent long-term views or are geared to investment advice. Rising and falling sentiments offer short-term perspectives for the crypto community to understand the natural value of a coin. Metrics evaluate three-day averages. It is stated that these evaluations are for daily investors who are interested in ultra-short term indicators.
Altcoin season?
It is too early to say that an altcoin season has begun, as Coin Always has previously reported. Yes, some important metrics are giving this signal, but bitcoin sentiment in the markets is still pointing to a possible rise. It is important to remember that most cryptocurrencies in the markets are dependent on BTC.
