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.