Santiment analysts call six fast-growing altcoins since the beginning of the year

What’s new? Experts of analytics company Santiment noted that the growth of altcoins at the beginning of the year was unexpected for most traders, as prices have been declining significantly over the past 13 months. The analysts noted that the jump in quotations “have hardly been historic,” but it is one of the biggest price booms seen since November 2021. Among the top 100 assets by market capitalization over the past week are Lido DAO (LDO): +60%, Solana (SOL): +44%, Aptos (APT): +39%, Hex (HEX): +33%, Decentraland (MANA): +28%, and The Sandbox (SAND): +26%.

Santiment’s data

What else did analysts report? Hundreds of projects have returned at least 10% of their price over the past week, with many still having a long way to go to reach the level they were at a year ago. Crypto users had plenty of doubts about whether altcoins would be able to recover from the massive drop in 2022. However, according to analysts, the prevalence of such opinions in company surveys, on the contrary, may indicate that the market is ready for growth.

For example, about two-thirds of survey participants expect altcoins to fall. This is consistent with Santiment’s suggestion that prices are moving in the direction of the crowd’s most unlikely expectations. At this point, bitcoin has risen high enough to allow small projects to thrive, and assets continue to grow.

Analysts at Santiment noted that more and more altcoins are being mentioned in discussions as prices rise, and that usually means traders realize that such assets are gaining momentum. This usually results in a price top, at least until traders begin to doubt that altcoins can rise again.

According to experts, it seems that the hype around altcoins has been greatly increased by price dynamics. Since “the mainstream chiming in to proclaim it’s time to buy altcoins,” this means that the moment, on the other hand, has already been missed, experts say. Among those altcoins that led the way last week, it is worth being especially cautious, as their momentum will only continue as long as word gets out widely that they are gaining momentum, analysts warned.

Santiment believes that when choosing between trading bitcoin/stablecoins or altcoins, it is never a bad strategy to wait to lock in profits in BTC until the FOMO (fear of missing out) around altcoins in the mainstream dissipates.

Previously, analysts at Santiment called the rising popularity of bitcoin discussions a sign of a bull market. They noted that when the quotations rise, discussions of crypto assets on social networks tend to focus more on BTC than they do now.