REN, LINK, and ETH to outperform BTC, says Santiment

REN LINK and ETH to outperform BTC says Santiment

Recent Santiment research has identified three altcoins with the potential to outperform BTC. Santiment says that Link, REN, and ETH are looking highly bullish due to improved fundamentals.

Chainlink delivers data connectivity between various blockchains, and its LINK token is displaying highly bullish signs. LINK recently touched $6.51. It benefitted particularly from the recent launch of Blockchain Service Network in China which employed Chainlink’s technology. Besides LINK, ETH and REN are also showing a highly bullish outlook.

Have altcoins matured enough to outperform BTC

All three altcoins were measured as per three metrics. These were Network Value to Transactions Ratio (NVT), Daily Active Addresses (DAA), and Sentiment Volume Consumed. The first one focuses on the value moved in a particular network to its market capitalization. A low volume of transactions represents asset overvaluation. The second metric checks how many distinct crypto addresses come into contact with a particular coin. The third metric checks the overall market sentiment.

All the assets were evaluated by employing a simple rating mechanism. The scale of evaluation is 0 to 10, with 5 representing a mid-way mark or sideways figure. Firstly, Bitcoin scored 5, 6.5, and 4.5 on all the three metrics in that order. Next, Ethereum earned a score of 5, 8, and 7.5, respectively.

The score of LINK was rated at 9, 5.5, and 7.2 in the respective metrics. REN made 8, 7.5, and 6.3 in these benchmarks. These stats show that altcoin space is gearing up to outperform BTC and give a viable alternative to the king of cryptocurrencies.

Research only meant for short term use

Santiment clarified that these scores do not represent any long-term views or meant for investment advice. The bullish and bearish outlooks deliver short-term perspectives for the crypto community to understand a coin’s inherent value.

The company includes a ‘Bold Predictions’ series in its weekly volume. Thus, the metrics take into account three-day averages. These predictions are best meant for intra-day traders who are interested in ultra-short-term indicators. It seems that altcoins have reached a level where they can outperform BTC.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Polkadot price analysis: DOT drops down to $5.36 to extend decline
Cardano price analysis: Price levels down to $0.319 as bearish pressure prevails
FTX crash: Crypto bear market to extend till late 2023
Biden pushes for tighter international crypto regulation
Binance Coin price analysis: BNB falls to $270 as selling pressure increases

Follow Us

Industry News

FTX crash: Crypto bear market to extend till late 2023
FTX hacker swaps millions in ETH for RenBTC Tokens
How can CEXs pursue safe practices? Ethereum co-founder shares insights
Best crypto memes of the day - November 18th
Best Twitter threads of the day - November 18th

Add Your Heading Text Here