After several months of volatile and uncertain trading, the altcoin market is poised for a welcome rebound in the fourth quarter of 2023. This optimism is fueled by the anticipation of crypto traders looking to capitalize on their gains during the year-end festivities. leading to an increase in overall trading volume.
What’s interesting is that some lesser-known altcoins, which are quietly building up their product offerings during the winter months, are expected to outperform their more renowned counterparts.
Altcoins on the rise
According to insights from Santiment, a leading crypto market intelligence platform, several altcoins have recently experienced a significant increase in on-chain address activity.
While October brought long-awaited bullish sentiment among crypto enthusiasts, Santiment noted a substantial increase in demand for the following altcoins:
- Bitcoin Cash (BCH)
- Smooth Love Part (SLP)
- Mask Network ($MASK)
- LeverFi ($LEVER)
- Civil (CVC)
Increased on-chain address activity is a clear indicator of increased utility, often accompanied by more frequent price breakouts.
This might interest you: The best altcoins to watch in October: Bitcoin Cash (BCH), Chainlink (LINK) and Maker (MKR) could trigger ‘Uptober’
Tether USDT sees growth
In addition to the rise in on-chain activity for certain altcoins, Santiment has also highlighted a notable increase in demand for the leading stablecoin Tether (USDT). According to the latest crypto market data, Tether USDT has a market capitalization of approximately $83.2 billion and a daily trading volume of almost $19.1 billion – almost three times higher than that of Bitcoin.
This substantial increase in Tether USDT volume, which occurs during a bullish phase in the crypto market, is often seen as a sign of new capital flowing into the sector.
Also Read: Tether’s U-Turn: Why the Stablecoin Giant is Back in the Lending Game?
