Volatility has continued to rock the digital currency ecosystem with Bitcoin (BTC), Chainlink (LINK) and Dogecoin (DOGE) in the spotlight. Current market data shows the combined crypto market cap dropping by 2.05% to $2.28 trillion. According to data insight from crypto analytics platform Santiment, the broader crypto market correction aligns with the equities market.
The Bitcoin, Chainlink and Dogecoin Advantage
Santiment actually profiled 10 digital currencies it claimed have “crowd optimism.” The analytics platform used this term to denote the coins that more community members are talking about. Top on the list, sieved by those worth at least $500 million in valuation is Chainlink.
The oracle service provider has made headlines on different ocassions lately. By introducing privacy features into its Cross Chain Interoperability Protocol (CCIP), Chainlink is setting a new standard for interoperability.
Crypto markets have corrected alongside equities as traders increase speculation that the bull rally has come to an end. With crowd optimism transitioning to doubt, these are the $500M+ market cap projects showing the best upside based on buying into the crowd FUD:
1⃣… pic.twitter.com/OvnvlWdSus
— Santiment (@santimentfeed) October 23, 2024
Besides Chainlink, Santiment named Bitcoin, Goat Network, Dogecoin, XRP, PEPE, Filecoin, Shiba Inu, EigenLayer and Beam. Of these, Bitcoin has received significant chatter lately. From the potential Indian government ban of BTC, to the Michael Saylor self-custody controversy, the coin remains on the frontlines of social discussion this week.
Dogecoin has also drawn the attention of retail investors thus far this week. From DOGE whale accumulations to ETF discussions, the chances of the coin turbocharging a new bull rally is high.
Despite their currently lower prices, Santiment noted that the speculative nature of the market could market the coins soar in the short term.
Where To Next? Top Market Forecasts
It is worth noting that Bitcoin remains the standard of measure for cryptocurrencies in the industry. Judging by events like spot Bitcoin ETF trend, many analysts are predicting a potential breach of the All-Time High (ATH) before the end of this year.
In particular, Bernstein analysts predicted a $220,000 top for the coin. Another ambitious BTC price forecast tipped a $230,000 surge if the coin repeats Gold’s bullish pattern. While the market offers no guarantees, the social sentiment and expectations might drive the profiled coins upward soon.
Read More: 3 Chainlink LINK Alternatives to Buy Before December 2024
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