In the wake of a prolonged crypto bear market, most altcoins are grappling with low liquidity. To attract more investors and alleviate this pressure, token buybacks and burns have gained momentum. While Bitcoin continues to capture the attention of crypto investors due to its price fluctuations, the emerging metaverse projects, driven by NFTs and the Gamifi industry, have also taken the spotlight.
A recent report by Dappradar reveals that gamification activities now account for approximately 40 percent of total Web3 activities.
Bullish Outlook for Altcoins
Market intelligence platform Santiment reports a notable trend among certain altcoins. In response to short-term market uncertainties, these altcoins have been moving from crypto exchanges to self-custody wallet addresses. Notable altcoins in this category include Sushi (SUSHI), aelf (ELF), Biconomy (BICO), Reef (REEF), Curve DAO (CRV), and Injective (INJ).
According to on-chain analytics firm Santiment, the increasing withdrawal of altcoins from crypto exchanges is seen as a positive sign. This trend diminishes the likelihood of significant selloffs in the future. Furthermore, the heightened accumulation of altcoins, even in the face of bearish crypto sentiments, suggests that more investors are adopting a bullish long-term perspective.
Also Read: Crypto Market Outlook: Top Crypto Whales Are Buying These 3 Altcoins
Good Times Ahead
Having consolidated in the past 19 months, most crypto assets are looking into a profitable fourth quarter. Taking into account the traditional Bitcoin four-year cycle, industry experts anticipate a bullish turn in the crypto market starting in October. It’s worth noting that the worst-case scenarios, as witnessed in the past year with the collapses of firms such as Terra Luna, FTX, Celsius, and Three Arrows Capital (3AC), have already played out.
Should the crypto market face further declines in the coming months, industry insiders are eyeing next year’s halving event as a potential catalyst for a bullish surge across the entire industry.
Read More: Altcoin Rally : Analyst Predicts Major Alt-Season in Q4 Reaching $1.4 Trillion Market Cap
