Analysts are watching these 5 altcoins closely

Bitcoin (BTC) recovered at the beginning of the week after dropping around 25 percent to the $ 47,000 band last week and rose to $ 55,000. On the other hand, the slowing of the rise in the Bitcoin price and the fall of BTC dominance to the 50 percent limit signal that the collective rise in altcoin prices, known as the altcoin season, is imminent.

On-chain analytics resource Santiment discussed five altcoins that offered the most solid look in their April 27 blog post. Santiment has identified altcoins that open up the gap between the number of daily active addresses and the daily amount deposited on the exchanges and are therefore ready to explode in the short term.

Ether (ETH)

Ether, the second largest cryptocurrency in terms of market value, has gained 19 percent in the last seven days, according to CoinMarketCap data, and rose to an all-time high of $ 2,713 on April 28. On the other hand, the number of daily active addresses, which was around 470 thousand at the beginning of February, increased to 656 thousand as of April 25. While the amount of Ether deposited in exchanges was around 37 thousand at the beginning of February, this number decreased to 19,407 ETH as of April 25.

Source: Santiment

It shows that there is a further growth potential due to the decrease in the amount invested in stock exchanges while the number of active addresses has increased, which has yielded around 264 percent since the beginning of the year. The drop in the amount of crypto invested in exchanges is interpreted as a bullish signal as long-term investors often prefer to move their crypto to cold storage.

Maker (MKR)

Maker, which has gained nearly 30 percent value in the last seven days, is trading at $ 4,355 as of the time of the news release. The number of daily active addresses, which was around 1100 at the beginning of February, increased to 1299 as of April 25. Maker amount invested in stock exchanges also decreased from 290 to 75 in the same period.

Source: Santiment

MKR has brought investors 644 percent since the beginning of the year.

Enjin (ENJ)

Blockchain-based game ecosystem token Enjin, another altcoin that looks ready to explode, has lost 1.8 percent in the past seven days. The number of daily active addresses rose from around 1,000 at the beginning of February to 6,500 in early April. The number of daily active addresses was measured as 2,389 as of April 25.

While the amount of ENJ invested in stock exchanges was 120 at the beginning of February, this number increased to 720 by the middle of March and decreased to 120 as of April 25.

Source: Santiment

Enjin is trading at $ 2.52 as of the time of the news release.

Decentraland (MANA)

The virtual reality platform Decentraland has increased by 5 percent in the past week. The number of daily active addresses, which was around 1,200 at the beginning of February, rose to 2,531 on April 25. While the amount of MANA invested in stock exchanges was around 90 at the beginning of February, it peaked at 450 in the middle of March and declined to 89 as of April 25.

Source: Santiment

MANA is trading at $ 1.41 as of the time of the news release.

Basic Attention Token (BAT)

BAT, Brave Browser’s cryptocurrency, has dropped 3 percent in the past seven days. The number of daily active addresses, which was around 1,800 at the beginning of February, increased to 3,009 as of April 25. The amount invested in the stock exchanges was around 170 at the beginning of February and fell to 133 on April 25, after peaking at 580 in mid-March.

Source: Santiment

BAT is trading at $ 1.20 as of the time of the news release.

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