- Altcoins like XRP, APT, and LINK have faced significant drops but show potential for recovery due to institutional interest and market developments.
- XRP is seeing increased attention from traders despite price volatility, with optimism surrounding its potential rebound above $0.60.
While the entire cryptocurrency market experiences a correction, major altcoins such as Ethereum have been hit hard. Within the last week alone, most of the top altcoins have been down by about 10-15%. However, Santiment analysis reveals that there are three altcoins – XRP, APT, and LINK, that can have more upside potential based on the developments that are taking place and the increasing institutional demand.
XRP
XRP, Ripple’s native currency, has recorded high social media sentiment even though the currency price has been volatile lately. Bitwise’s filing for a spot XRP ETF has attracted investors. At the same time, the U.S. Securities and Exchange Commission (SEC) has filed an appeal to the Second Circuit Court after the earlier legal failure in the XRP lawsuit.
The SEC’s appeal saw XRP’s price plummet by 15%, slipping to $0.52 from previous trading levels on Thursday. However, there are a number of market participants who anticipate potential recovery. The optimism surrounding an “Uptober” rally could drive XRP beyond the $0.60 mark, especially with increased interest from traders.
Aptos
Another altcoin that has raised interest in the market is Aptos (APT). Aptos Labs recently made a significant move by entering the Japanese Web3 market by acquiring HashPalette. The integration of the Palette blockchain, which is one of the most popular blockchains, allows Aptos to connect traditional development with the constantly developing Web3 ecosystem.
Furthermore, the Aptos blockchain has entered into a partnership with the U.S. Government Money Fund to bring in the Aptos blockchain for improved efficiency. This partnership is anticipated to increase network traffic, with analysts suggesting that APT may rise to $20 in the near future.
Chainlink
Chainlink (LINK) has also been on an upward trend in recent weeks mainly because of its partnership with SWIFT in an effort to integrate with TradFi more effectively. Through its Cross-Chain Interoperability Protocol, Chainlink has proven that it can integrate different blockchain networks and positions the company’s foundation as a leader in blockchain-fintech collaborations.
Santiment is optimistic about LINK as it fortifies its network and expands its collaborations. With the increasing popularity of blockchain in the financial sector, more and more institutions are likely to show interest in LINK’s solutions.
Despite the bearish sentiment surrounding the cryptocurrency market at the beginning of October, there are some analysts who think that this is a short-term buying opportunity. On Oct. 4, on-chain analytics firm Santiment noted that the search query for “Uptober” has been declining since the beginning of the month’s trading.
🎃 Mentions of "Uptober" have declined significantly, painting a picture that traders have become much more bearish on the idea of this month being an automatic money printer for crypto. The lack of optimism opens the door for (at least) a short-term bounce. 📈 https://t.co/iACWMGPvSs
— Santiment (@santimentfeed) October 3, 2024
Traders who earlier were hoping to make profits in the current month have become bearish about the possibility of getting profits in October. However, instead of celebrating October, social media platforms are now FULL of memes and posts about the ‘Selltober’ and ‘Octobear’.
Despite this, Santiment’s founder, Maksim Balashevich, believes there could still be potential for a short-term recovery. “The fading Uptober excitement might allow for a bounce, though it’s uncertain if the larger downtrend is over,” Balashevich noted.
