Altcoin Market Prepares for Q4 2023 Relief Rally Amidst Increased On-chain Activity
After several months of volatile and uncertain trading, the altcoin market is poised for a welcome relief rally in the fourth quarter of 2023. This optimism is fueled by the anticipation of crypto traders looking to capitalize on profits during the end-of-year festivities, leading to a surge in overall trade volume. Notably, some lower-cap altcoins quietly building more robust products during the winter months are expected to outperform their top-rated counterparts.
Top Altcoins Showcasing Heightened On-chain Activity
According to insights from Santiment, a prominent crypto market intelligence platform, several altcoins have recently experienced a significant surge in on-chain address activity. As October brought about a much-anticipated bullish sentiment among crypto enthusiasts, Santiment observed a substantial uptick in demand for the following altcoins:
- Bitcoin Cash (BCH)
- Smooth Love Portion (SLP)
- Mask Network ($MASK)
- LeverFi ($LEVER)
- Civic (CVC)
Increased on-chain address activity is an indicator of heightened utility, often accompanied by more frequent price breakouts.
Alongside the surge in on-chain activity for select altcoins, Santiment also highlighted a remarkable increase in demand for the leading stablecoin, Tether (USDT). As per the latest data from the crypto market, Tether USDT boasted a market capitalization of approximately $83.2 billion and a daily trading volume of nearly $19.1 billion—almost three times higher than that of Bitcoin. This substantial uptick in Tether USDT volume during a bullish crypto climate is often interpreted as a sign of fresh capital entering the industry.
