Certain cryptos might be in line to face a breakout
As per the info presented by the on-chain analytics agency, Santiment, cryptocurrencies such as those of Bitcoin, Binance, Chainlink, and Dogecoin might line up in the future to become the assets that face breakout as they are going through the most negative sentiment. Provided the downtrend conditions of the crypto industry since the start of this year, most of the digital assets are facing major negativity from the investors for time being.
According to what Santiment has presented about these crypto firms, Dogecoin (DOGE), the most popular meme coin and the second largest proof of work, is witnessing a clear jump in whale count and collection. As per the statement given by crypto expert Ali, “The number of addresses holding 100 million to 1 billion DOGE has increased by 5.13% over the past week. Roughly six new whales have joined the network, scooping up approximately 620 million DOGE.” According to other relevant sources, Dogecoin is among the top ten if we see the trading volume among the 100 major BSC whales in the recent record.
Root, a Glassnode data-based Twitter account, made public some research data that might act as indicate that Bitcoin may soon touch its lowest industrial bottom. Root uploaded a tweet on its Twitter handle to post the same.
Short & Long Term Holder cost basis just crossed. Previous bear market bottoms happened within days of cross. This time different?#Bitcoin pic.twitter.com/5IDc1iLWRI
—Sep 24, 2022
The price rate of Bitcoin currently is unstable mainly due to the impact of the FOMC conference as investor sentiment bent in favor of the decision made by the Fed, outshining the primary crypto progress. Bitcoin went down below the $20,000 level again post the meeting. Although, Bitcoin might have not reached the no way out condition yet, since both the financial policy and regulatory bodies have offered support systems to digital assets.