13.9 C
29 September 2023
Image default

Analytics Firm Santiment Says Bitcoin To Catch Up With Rallying Stocks, Updates Outlook on XRP and Litecoin

Blockchain analytics platform Santiment is saying that Bitcoin (BTC) has mostly stayed flat amid the recent bounce in the stock market.

Santiment says that the stock market has climbed to its highest level in about 10 months as the US government resolves the debt ceiling issue.

While Bitcoin has fallen behind the strong performance of the S&P 500 as of late, the analytics firm says that BTC could soon follow suit.

“The US House has passed a key debt ceiling deal, launching the S&P 500 to its highest price since August. Altcoins like LTC, LEO, and FGC have jumped today. With crypto lagging behind equities, there could be some BTC catch-up time coming soon.”

Turning to XRP, Santiment says that the sixth-largest crypto asset by market cap is enjoying record address activity and high levels of crowd optimism.

“XRP Network is the top trending asset in crypto as prices have jumped +22% the past 19 days. We are also seeing historically high address activity surges for the sixth-ranked market cap asset. Expect XRP’s price to behave uniquely for the time being.”

Looking at the peer-to-peer payments network Litecoin (LTC), Santiment says that the altcoin’s rise above a key psychological level comes amid an increase in on-chain transaction volume and high whale activity.

“Litecoin’s market value is +6.5% in the past 24 hours as its halving is now just over two months away. This surge has been powered by a massive two-year high in on-chain transaction volume, and the highest whale activity since January.”

News Source

Related posts

Charles Hoskinson defends Cardano, explains ISPOs, and their possible regulatory implications


Dogecoin Price Prediction: DOGE primed for 25% impulse move


Litecoin Price Analysis: LTC/USD to spike past $170 soon