Markets
Santiment Reveals Top Two Altcoins to Buy This Week
Amid a rollercoaster of emotions in the recent past, the cryptocurrency market has entered a new phase of bullish speculation. Bitcoin’s (BTC) fear and greed index surged to 65 percent on Tuesday, signaling crowd greed and heightened fear of missing out (FOMO).
Increased buying pressure on cryptocurrencies
Earlier today, major stablecoin issuer Tether minted 1 billion USDT on the Tron network, thus increasing the overall buying pressure. On-chain data shows that long-term cryptocurrency holders have accelerated their accumulation pace in the recent past.
For instance, US BTC spot ETFs have seen over $1.5 billion in inflows over the past two weeks. On-chain activity for the altcoin industry has increased significantly amid reports of next week’s listing of Ether spot ETFs in the United States.
Top Altcoins to Buy This Week
XRP Price
Amid the anticipated settlement between the US SEC and Ripple Labs in the ongoing lawsuit, speculations regarding XRP’s price action have increased dramatically. According to on-chain data analysis conducted by Santiment, Ripple-backed XRP has seen a notable spike in FOMO as the underlying value surged by over 20 percent in the past five days.
At the time of writing, XRP price was hovering around 54 cents with a market dominance of around 1.33%. From a technical perspective, XRP price against the US Dollar on a weekly basis is expected to reclaim the 50 and 200 Moving Averages (MA) as a support level to secure a rally towards the next range between 58 cents and 60 cents.
Litecoin (LTC) Price
The price of Litecoin (LTC) has surged more than 20 percent in the past two weeks to trade above $71 on Tuesday. The surge is fueled by on-chain whale activity and rising trader FOMO.
Like XRP, Litecoin price must close above the 50 and 200 weekly Moving Averages (MAs) to invalidate the bearish sentiment of the past four months.