Highlights:
- Santiment has highlighted MANA, GRT, and AAVE as cryptocurrencies to keep close tabs on amid the altcoins market rebound.
- Santiment spotlighted significant short ratios on the highlighted three cryptocurrencies, hinting at liquidation possibilities for price appreciations.
- MANA seems to underperform as GRT and AAVE record better promising market prognostic variables.
In one of its most recent tweets, renowned crypto on-chain tracker Santiment has spotlighted altcoins to watch as the market rebound continues to take shape. According to the Santiment, Decentraland (MANA), The Graph (GRT), and Aave (AAVE) are top crypto assets with massive potential for price expansion.
Advertisement
Interestingly, the crypto assets highlighted in Santiment’s post ranked among the top 100 cryptocurrencies via market cap valuations. The on-chain analytical platform revealed a unique finding, cutting across each of the three digital assets.
Per Santiment, MANA, GRT, and AAVE are recording significant short ratios on Binance. Consequently, chances abound that liquidations will result in massive price spikes for the tokens involved.
Santiment tweet read in part:
“Each of these top 100 market caps is seeing significant short ratios on Binance, implying liquidations would lead to big price jumps.”
🧐 Altcoins to watch as cryptocurrency continues to enjoy its strong rebound include Decentraland, The Graph, and Aave. Each of these top 100 market caps are seeing significant short ratios on Binance, implying liquidations would lead to big price jumps. pic.twitter.com/6LaQ4HnyBn
— Santiment (@santimentfeed) September 12, 2024
How Are Altcoins Performing During the Market Recovery Phase?
According to CoinGecko market tracking data, the general crypto market saw a 1.44% upswing in the past 24 hours, with a $2.131 trillion valuation. Meanwhile, the flagship crypto asset, Bitcoin (BTC), boasts about $1.15 trillion in market capitalization. Consequently, it is contributing about 53.9% of the entire market capitalization.
Stablecoins contributed significantly to the entire crypto market with a net $171 billion capitalization. Based on mathematical estimation, stablecoins have an 8.05% share of the global crypto market valuation.
Having established the quota from Bitcoin and stablecoins, it becomes apparent that the remaining contribution will come from altcoins. Hence, altcoins, including Ethereum, are likely contributing about 38.05% to the entire crypto market worth.
Considering the massive disparity between BTC’s price and other cryptocurrencies, it is relatively safe to assert that altcoins are gradually staging a highly anticipated recovery. Therefore, it supports earlier from Santiment, projecting altcoins in a resurgent phase.
The #Altcoin season may be close: Bitcoin erased 15% value in 90 days. pic.twitter.com/JIoH2G4uJm
— CryptoJack (@cryptojack) September 11, 2024
Comparing MANA, GRT, and AAVE Market Actions
Despite Santiment assertions, projecting MANA, GRT, and AAVE in a good light, their market actions seem to depict the opposite. For context, MANA is worth about $0.2708, mirroring a 3.04% upswing in the past 24 hours.
Based on its $516.7 million market capitalization, CoinMarketCap ranked it the 108th most valuable cryptocurrency. Meanwhile, on Coincodex’s risk assessment variables, MANA has only increased by 1% from the previous year.
Unfortunately, it has succeeded in only outperforming 20% of the top-ranking crypto assets. Additionally, Decentraland is trading below its 200-day Simple Moving Average (SMA) and has depreciated by 95% from its all-time high (ATH).
For GRT, CoinMarketCap revealed it is changing hands at about $0.14, reflecting roughly 3% upswing from the previous day. Its market capitalization displayed $1.34 billion, ranking as the 51st most valuable cryptocurrency.
On Coincodex, The Graph has increased by 77% from the previous year. It has outperformed 53% of top-ranking cryptocurrencies, excluding Bitcoin, and is trading above its 200-day SMA.
Finally, AAVE is selling for about $148.9 despite witnessing a slight 1.38% decline in its 24-hour-to-date price change variable. The Artificial Intelligence (AI) crypto ranked as the 36th most valuable token with a market capitalization of $2.226 billion.
Among the three spotlighted cryptocurrencies, AAVE seems to have a better prognosis, according to Coincodex. The Decentralized Finance (DeFi) asset appreciated by 182% in the last year. Additionally, it has outpaced 78% of the best-performing cryptocurrencies, including Bitcoin and Ethereum. It is also trading above its 200-day SMA.
Advertisement
