- Low volatility and miners selling off Bitcoin are possible reasons for the bearish trends to continue.
- Investors are looking to other alternative coins to prosper from and make a fortune that reveals the report.
- LEND, REN, and KNC is the notable altcoins that have shown exceptional growth.
Low volatility and miners selling off Bitcoin BTC are possible reasons for the bearish trends to continue, Ethereum ETH also trading in a tight range from quite a long time. In such a scenario, investors are looking to other alternative coins to prosper from and make a fortune as revealed by crypto research. LEND, REN, and KNC is the notable altcoins that have shown exceptional growth.
Various Facets Of The Growth Of These Altcoins
One of the most straightforward explanations for the tremendous rise of the altcoins is the uptrend seen in their on-chain activity. The Crypto Research Report published by Demelza Hays states that the average amount of daily addresses in REN rose by +332% from April. Moreover, the number of new addresses in LEND. REN and KNC have also seen a massive uptrend. Lastly, the transaction volume is also worth taking note of as it rose remarkably.
Subsequently, the available supply of these altcoins decreased, especially for KNC, where it reduced significantly by -93%. The decline in available supply has also been combined with their price appreciation.
The high development throughput for GitHub activities in the altcoins that dealt with polishing and up-gradation of its features have been received positively by investors.
Increase in the number of Whales
Whales in the crypto community represent those investors who accumulate large amounts of that particular digital currency. The top 100 LEND whales grew significantly and added 39.6 million LEND. Additionally, the retail holders are also increasing, especially those holding more than 1000 REN grew by 550.
Great Potential of Decentralized Finance
The roadmap has been laid out for altcoins for a great future. Given the growth parameters in the current quarter, REN, LEND, and KNC expected to continue their dominance over a long period. The uptrend in on-chain activity, combined with the growth of retail investors, have played a major role in the colossal expansion of these altcoins.