Altcoin
These Altcoins are showing high social dominance after recent price swings
According to crypto intelligence platform Santiment, some altcoins have enjoyed more attention by investors in recent days. This comes as the cryptocurrency market continues to experience a positive recovery from the recent crash following the launch of the Bitcoin ETF.
These Altcoins Show Potential for Higher Profits: Santiment
In a placed on the X platform, Santiment revealed that three altcoins, including Chainlink (LINK), Immutable X (IMX), and Pyth (PYTH), have become assets of mainstream interest in recent days.
This revelation is based on their performance in terms of social dominance, an indicator that compares the social volume of a particular asset to the combined social volume of the top 100 cryptocurrencies by market cap.
A graph showing the social dominance of LINK, IMX, and PYTH | Source: Santiment/X
As shown in the chart above, the social dominance of these three altcoins has seen a notable increase in recent days. It is interesting to note that Most Holy associated this renewed investor interest in Chainlink, Immutable X and Pyth with the growth of their market capitalization over the past week.
According to data from Santiment, the valuations of LINK, IMX and PYTH have increased by 34%, 23% and 26% respectively over the past seven. On-chain analysis has found that mainstream discussion around these altcoins will lead to FOMO (fear of missing out) among investors.
Santiment further highlighted that this FOMO may trigger high price volatility and increased buying pressure for Chainlink, Immutable X, and Pyth. Ultimately, this may lead to larger price increases for the three crypto assets.
Chainlink pricing overview
THE Chainlink price trend last week was the most impressive of the three altcoins highlighted by Santiment. According to data from CoinGecko, LINK’s value has increased by more than 24% in the past week.
In a week dominated by Bitcoin’s rise above $43,000, Chainlink managed to become one of the biggest gainers in the last seven days. The price of the cryptocurrency recorded a positive run up to almost $19.
As of this writing, the Chainlink token is valued at $17.69, reflecting a 1.2% price decline over the past 24 hours. It appears that the altcoin is seeing some downward pressure as it is struggling to stay above the $18 level.
However, Chainlink continues to make a strong claim for a place among the top 10 largest cryptocurrencies by market capitalization. With a market capitalization of over $10 billion, LINK ranks as the 13th largest asset in the cryptocurrency sector.
LINK price faces resistance and stalls at the $18 level | Source: LINKUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView