Over the past 24 hours, the market value climbed over 3%, reaching nearly $2.5 trillion during the early European session on Tuesday.
Bitcoin rose nearly 3% to hit $65,000 before settling back around $64,400.
This price surge allowed Bitcoin to regain its 50-day and 200-day moving averages, key support levels often indicate bullish trends.
As Bitcoin rose, the whole altcoin sector followed, led by Ethereum, Solana, Render (RNDR), and Binance Coin (BNB).
Bitcoin Impact on Altcoins
Bitcoin's price surge followed news of a failed assassination attempt on pro-crypto US presidential candidate Donald Trump.
With Bitcoin rising above $64,000, the fear and greed index shot up to about 65%, indicating greed in the market.
US spot Bitcoin ETFs, led by BlackRock’s IBIT, saw inflows of over $300 million on Monday, adding to more than $1 billion from the previous week.
Meanwhile, the US Securities and Exchange Commission (SEC) allowed some spot Ether ETF issuers to start trading by Tuesday, July 23.
In recent months, the altcoin sector has opened up opportunities for long-term investors.
However, analysts, such as trader Peter Brandt, believe the crypto sector might enter a euphoric phase after a 20-40% correction over the past four months.
According to cryptocurrency intelligence platform Santiment, investors should focus on altcoins with increased address activity for potential high returns.
Santiment pointed to Render (RNDR), Aave (AAVE), and Maker (MKR) as the most bullish altcoins due to their increased address activity recently. "
Render (RNDR), Aave (AAVE), and Maker (MKR) are the three most notable altcoins seeing address activity rises the past couple of days amongst the many market cap rises. Historically, rising levels of wallets interacting on networks is a sign of future bullish behavior," said Santiment in their X post.
📈 Render (RNDR), Aave (AAVE), and Maker (MKR) are the three most notable altcoins seeing address activity rises the past couple of days amongst the many market cap rises. Historically, rising levels of wallets interacting on networks is a sign of future bullish behavior. pic.twitter.com/N60Uxn4XSU
— Santiment (@santimentfeed) July 15, 2024
Increased Network Activity on Most Bullish Altcoins
Render (RNDR), Aave (AAVE), and Maker (MKR) are showing heavy network activity.
Increased address activity often signals future bullish behavior. Render (RNDR) is known for its decentralized rendering solutions, while Aave (AAVE), is a DeFi protocol, that allows users to lend and borrow cryptocurrencies. Maker (MKR) on the other hand is a key player in the decentralized finance space, governing the DAI stablecoin.
Trav_hube_shirt, a crypto trader, praised Santiment's analysis for highlighting the developments in DeFi and liquid staking.
"Literally just dropped an analysis that mentioned DeFi and liquid staking are moving. Love to see these OG tokens get some traction," said Trav_hube_shirt.
Literally just dropped an analysis that mentioned DeFi and liquid staking are moving.
— Trav 🇨🇦 (@Trav_hube_shirt) July 15, 2024
Love to see these OG tokens get some traction.
Market Performance of New Altcoins with Potential
At the time of writing, the Render (RNDR) price is $6.39 with a 24-hour trading volume of $$133,332,504.
Despite being down 8% in the last 24 hours, RNDR still maintains a strong market cap of $2,510,192,327.
Aave (AAVE) is priced at $97.98, with a 24-hour trading volume of $96,421,832, and is down by barely a percent.
Aave’s market cap is $1,460,829,621.
Maker (MKR) is performing well, priced at $3,096.67, with a 24-hour trading volume of $185,747,866.
Maker is up 5.66% in the last 24 hours and has a market cap of $2,881,149,437.