In the wake of a prolonged crypto bear market, most altcoins are struggling with low liquidity. To attract more investors and alleviate this pressure, token buybacks and burnings have accelerated. While Bitcoin continues to attract the attention of crypto investors due to its price fluctuations, the emerging metaverse projects powered by NFTs and the Gamifi industry have also attracted attention.
A recent report from Dappradar shows that gamification activities now account for approximately 40 percent of total Web3 activities.
Bullish Outlook for Altcoins
Market intelligence platform Santiment reports a striking trend among certain altcoins. In response to near-term market uncertainties, these altcoins have transitioned from crypto exchanges to self-custodial wallet addresses. Notable altcoins in this category include Sushi (SUSHI), aelf (ELF), Biconomy (BICO), Reef (REEF), Curve DAO (CRV), and Injective (INJ).
According to on-chain analytics firm Santiment, the increasing withdrawal of altcoins from crypto exchanges is seen as a positive sign. This trend reduces the likelihood of significant sell-offs in the future. Furthermore, the increased accumulation of altcoins, even in the face of bearish crypto sentiments, suggests that more and more investors are taking a bullish long-term perspective.
Also Read: Crypto Market Outlook: Top Crypto Whales Are Buying These 3 Altcoins
Good times ahead
After consolidating over the past 19 months, most crypto assets are eyeing a profitable fourth quarter. Taking into account Bitcoin’s traditional four-year cycle, industry experts expect a bullish turn in the crypto market from October. It’s worth noting that the worst-case scenarios, as we’ve seen over the past year with the collapse of companies like Terra Luna, FTX, Celsius and Three Arrows Capital (3AC), have already played out.
Should the crypto market experience further declines in the coming months, industry insiders see next year’s halving as a potential catalyst for a bullish wave across the sector.
Read more: Altcoin Rally: Analyst Predicts Major Alt Season in Q4, Reaching $1.4 Trillion Market Cap
