- Santimentโs social trend analysis uncovers three most discussed altcoins.
- Crypto traders now have lower expectations of a strong โUptoberโ rally.
- Acquisition of a popular Japanese chain takes Aptos to a 3-month peak.
In spite of the high expectations for โUptoberโ, the beginning of this month has seen the historically bullish sentiment be completely flipped on its head. As the intensifying geopolitical situation in the Middle East has taken its toll on the broader crypto markets, thereโs a few select coins that have managed to defy the odds and stay on a bullish path.
In the latest analysis by blockchain intelligence company Santiment, three major cap altcoins are named as potential leaders in the crypto bounce back rally, but for variable reasons.
Bitwise Puts XRP in ETP Talks
Firstly, Ripple (XRP) emerges as the social champ, garnering the most attention across social media channels due to Bitwiseโs exchange-traded product (ETP) filing.
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The heavyweight crypto asset manager plays a pivotal part in bridging the gap between traditional finance and digital assets, as Bitwise got the nod from the Securities and Exchange Commission (SEC) in January, 2024 for the inaugural Bitcoin exchange-traded fund (ETF).
On the other hand, the long-fought legal tussle between Ripple and the SEC continues to this day. Most recently, the SEC filed an appeal against the ruling that XRP is a non-security, despite Ripple previously emerging victorious in the legal battle against security claims.
Is โUptoberโ Still on The Cards?
Whilst Rippleโs legal developments and the ground-breaking Bitwise ETP filling boosted XRP to the the top of the trending coin list, the altcoin still experienced a double-digit flop over the past 7 days. Trading at $0.65 on September 29, 2024, XRP slipped to $0.51 on October 3, 2024, finding support around this price range.
In contrast, two other altcoins in the trending list have completely defied the bear market odds and stayed in the green during the same time period. Aptos (APT), the second most searched altcoin this week, received a 8.5% weekly price boost amidst Aptos Labsโ latest acquisition of HashPalette Inc. This is considered a major move to strengthen dominance in Asian markets, as HashPalette is a prominent blockchain in Japan.
Today, Aptos tacked on a new three-month high of $8.92, before slightly retracing to $8.85 as of press time. Furthermore, Santiment expects an eventual Aptos push to double digits, as the Move technology powered blockchain continues to see amplified institutional interest.
A similar pattern has been discovered in Chainlink (LINK), as the third most discussed altcoin this week is picking up institutional interest, especially thanks to Chainlink’s Cross-Chain Interoperability Protocol (CCIP). However, the altcoin saw a drastic 13% plunge over the past 7 days and has recovered just 3% since the weekly bottom.
Currently trading at $10.99, the altcoin thatโs capped at 1 billion tokens could produce a stronger rally if the technological advancements further LINK price appreciation. Trading 79% lower than the all-time high of $52.70 scored over three years ago, Chainlink has become handy for financial institutions that are seeking to have an all-around payment system with both SWIFT and crypto transactions.
On the Flipside
- Despite the growing social mentions, XRP’s market sentiment remains predominantly bearish due to a steep price decline since last week.
Why This Matters
Building connections with large-scale financial institutions adds to a blockchainโs sustainability, potentially evoking price appreciation for the relevant crypto currencies.
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