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You are here: Home / News / Altcoin News / Altcoins Frenzy: Ethereum & Shiba Inu Wallet Trends Scream Bullish
December 22, 2023 by Lipika Deka
Altcoins are once again taking center stage in the crypto market, showcasing notable performances like ADA’s rise above $0.65 and Solana’s SOL token inching closer to an impressive $100. While these are grabbing attention, it’s crucial to keep a close watch on Ethereum and Shiba Inu. The movement of coins away from exchanges by the top 10 wallets for these assets is signaling a bullish trend for the long term. Ethereum’s top 10 wallets have seen a $778.7 million decrease [4.3% drop], and Shiba Inu’s decline is $54.6 million [2.7% drop].
Polygon’s MATIC and Litecoin LTC have also caught the spotlight, with both having less than 42% of their supply in profit. This sets the stage for a potential “catch-up to field” scenario, positioning them comfortably within an opportunity zone.
Experts are emphasizing that now is the optimal time to invest in altcoins. Recent weeks have demonstrated a shift in momentum, particularly with the thriving Injective and Solana ecosystems driven by airdrops. While the A.I. segment is flourishing, the broader market is eagerly awaiting Ethereum to take the lead. This shift is anticipated to occur in the first quarter of 2024, possibly starting at the end of December.
Graph by Michaël van de Poppe
Several factors contribute to this prediction. Pre-halving periods, occurring 3–8 months before the event, are deemed critical for altcoins, presenting a prime investment opportunity. The approaching Spot ETF approval on Bitcoin is expected to reduce volatility, directing funds towards other cryptocurrencies, with Ethereum likely being the first choice after Bitcoin.
Altcoins Season: For Bitcoin, Caution Ahead
Ethereum’s pursuit of a spot ETF further fuels bullish expectations. Historical data and price action also support the idea that the first quarter of the year is favorable for altcoin investments.
A unique trend is emerging as Bitcoin’s supply-to-profit ratio reaches 89%, nearing a year-high. Caution is advised entering the new year, as further price increases are more likely when this ratio falls within the 40–70% range. As market dynamics evolve, investors are keenly monitoring both the established Bitcoin trends and the exciting developments in the altcoins space.
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