Bitcoin Slips, But Sentiment for Altcoins Remains Strong: Traders Eye $ADA, $XRP, and $ETH

The crypto markets are seeing some turbulence this weekend, with Bitcoin and most major altcoins down around 4-6% over the last 24 hours. Bitcoin briefly dipped below $42,000 on Friday night before recovering back above $43,000 on Saturday morning. Nevertheless, the world’s largest cryptocurrency by market cap is still down around 6% for the week so far.

According to the latest analysis from on-chain analytics firm Santiment, trader sentiment remains quite bullish towards many top market cap cryptoassets, likely due to the recent excitement around the SEC approving Bitcoin futures ETFs. Santiment noted particularly high optimism towards Ethereum and XRP at the moment.

“As the weekend has kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the #ETF approvals. Traders are particularly #bullish toward #Ethereum after its market value climbed above $2,700 for the first time since May, 2022. There is also a notable #bull bias toward #Bitcoin and #XRPNetwork. While traders are discussing the possibility of $ETH or $XRP#ETFApproval possibilities, #Cardano is overlooked compared to its normal level of trader optimism.” noted Santiment.

Ethereum crossed back above $2,700 this past week for the first time since the May 2022 crash, sparking speculation that an Ethereum ETF may also be on the horizon. If approved, this could further boost interest and prices for the second largest cryptocurrency. XRP has also been rallying hard, leading some to wonder if it may be the next in line for an SEC-approved fund.

However, it’s worth noting that ETH price is also in the correction mode after hitting this resistance and is now trading around $2,550.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

While interest is high for coins like Ethereum and XRP, Santiment pointed out that chatter around Cardano has been relatively quiet despite normally having significant trader optimism. The smart contracts platform has lagged the market recently after strong gains last year.

Of course, Bitcoin still drives overall market sentiment more than anything else. If the flagship cryptocurrency can maintain levels above $40,000, appetite for altcoin speculation is likely to remain strong. Traders will be keeping a close eye on BTC price action as we kick off the second weekend in 2024.

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

CaptainAltcoin
Logo