Altcoins
Santiment Reveals Two Best Altcoins to Buy This Week
Amidst a rollercoaster of emotions in the recent past, the cryptocurrency market has entered a new phase of bullish speculation. Bitcoin (BTC) Fear and Greed Index surged 65 percent on Tuesday, signaling crowd greed and heightened fear of missing out (FOMO).
Increased pressure to buy cryptocurrencies
Earlier today, major stablecoin issuer Tether minted 1 billion USDT on the Tron network, thus increasing overall buying pressure. On-chain data shows that long-term cryptocurrency holders have accelerated their accumulation pace in the recent past.
For example, US spot BTC ETFs have seen over $1.5 billion in cash flows in the past two weeks. On-chain activity for the altcoin sector has increased significantly following reports of next week’s listing of Spot Ether ETFs in the United States.
Best Altcoins to Buy This Week
XRP Price
Amid the expected settlement between the US SEC and Ripple Labs in the ongoing lawsuit, speculation has been rife XRP Price stocks have risen sharply. According to on-chain data analysis by Santiment, Ripple-backed XRP has seen a significant FOMO spike as the underlying value has rallied over 20 percent in the past five days.
At the time of this report, XRP price was hovering around 54 cents, with a market dominance of around 1.33 percent. From a technical perspective, XRP price against the US dollar on the weekly time frame needs to reclaim the 50 and 200 moving averages (MA) as support levels to ensure a rally towards the next range between 58 and 60 cents.
Litecoin (LTC) Price
The price of Litecoin (LTC) has surged more than 20 percent in the past two weeks, trading above $71 on Tuesday. The surge is fueled by increased on-chain whale activity and increased FOMO traders.
Like XRP, Litecoin Price must close above the 50 and 200 weekly moving averages (MA) to invalidate the bearish sentiment of the last four months.
Read also: Here’s why breaking above $65,000 could be a tough battle for Bitcoin (BTC) price rally