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Santiment Analysts Reveal Two Top Altcoins Outperforming the Market
- Worldcoin (WLD) rebounds 37% from its cycle low, influenced by Warren Buffett’s comments on the dual potential of AI.
- Litecoin (LTC) gains traction from positive ETF discussions and significant whale purchases, indicating long-term interest.
- Despite bullish trends, concerns persist about LTC’s new investor appeal and relative interest compared to an Ethereum ETF.
Santiment analysts have identified two altcoins which are trending and at least in one case are outperforming most of their peers.
The first coin on the radar of analysts at the market intelligence platform is Worldcoin (WLD).
WLD had hit a cycle low in April, falling as much as 61% from its all-time high in March. At the time of writing, WLD has re-gained almost 37% from that low and is trading for US$6.10 (AU$9.19) as data from TradingView shows.
Warren Buffett Remarks Deliver Boost, Analysts Say
While AI assets in general are enjoying a rally, Santiment believes controversial comments by Warren Buffett may have boosted WLD. The Oracle of Omaha said artificial intelligence has “enormous potential for good and enormous potential for harm”.
He compared the impact of AI to that of nuclear weapons, saying:
We let the genie out of the bottle when we developed nuclear weapons, and that genie has been doing some terrible things. The power of that genie scares the hell out of me. And I don’t know of any way to get the genie back in the bottle. And AI is somewhat similar. It’s part of the way out of the bottle.
Warren Buffett Buffett believes the potential for scammers is unprecedented, particularly in the AI field.
Santiment noted that while the AI narrative is bullish, several bearish factors, such as negative sentiment about a lack of transparency, remain. Santiment also cited “potential issues with the projects overall reliability”.
Litecoin Receives Favourable Rating
The analysts went on to name the second altcoin, which is Litecoin. The digital silver has provoked speculations recently, when its founder Charlie Lee discussed the idea of a Spot Litecoin ETF.
Santiment believes the narrative around ETFs is a bullish one for LTC, which has been named the silver of crypto. This comes as Grayscale has seen positive flows into its Spot Bitcoin product for the first time since the ETF approvals in January – sparking renewed interest in exchange-traded crypto funds.
Additionally, whales have been purchasing 100,000 LTC on several occasions in earlier weeks, which indicates that investors are accumulating with potential intentions for long-term holding.
Based on that analysis and increased interest by traders, Santiment remains bullish on WLD and LTC.
Litecoin has yet to make new all-time highs this cycle, as currently the previous high stands at US$412 (AU$620) in May of 2021. Currently LTC trades for US$81 (AU$122) as data from CoinMarketCap reveals.
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The analysts also note a bearish sentiment, as new investors are not interested in LTC – moreover, there are concerns about a lack of interest in an LTC ETF compared to a Spot Ethereum ETF, a point that Lee had also noted.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
