The global crypto market is showing modest signs of improvement after facing a volatile phase amid growing tensions between the United States and Iran. Now that the weekend is about to end, Santiment has presented a trending coins list, which includes the top coins and some altcoins in the space.
Ethereum and Bitcoin steal the show
Starting with the largest altcoin, Ethereum (ETH), which outperformed the others. The surge comes as several Ethereum accounts have been scrutinized for “quantum computing risks to ECDSA signatures.”
Additionally, with the Ethereum Foundation investing thousands of dollars into ETH, the community was paying attention to Vitalik Buterin’s creation.
In addition to this, Santiment also highlighted:
Charles Schwab’s announcement to offer direct spot trading of Bitcoin and Ethereum to its large customer base.
Needless to say, Bitcoin (BTC) was also trending, thanks to its “Google Quantum AI white paper and extensive media coverage,” fueling the debate over “Bitcoin’s long-term exposure to quantum attacks.”
Considering the long-term health of Bitcoin, the current price action due to tensions in the Middle East has also added to the growing discussions of BTC.
Other Trending Altcoins and Why
Added to the list is Chainlink (LINK), which, due to various large on-chain movements and a recent “quarterly unlock of around 19 million”, is attracting people’s attention.
However, active address mapping of BTC, LINK, and ETH shows a significant decline in retail activity. This shows that despite an upward trend, the indicators are not favorable and investors remain cautious.
That said, Solana (SOL) was also trending, but for the wrong reasons. The recent Drift Protocol exploit, which cost approximately $270-286 million and affected more than 20 Solana projects, was the main reason for this increased attention.
On the other hand, mentions of Pippin (PIPPIN) are increasing, but when examined in depth, this memecoin is only trending due to “community hype rather than traditional fundamentals.”
This sentiment was confirmed by measuring the social volume of both tokens, which was declining.
Who runs the stablecoin market?
Finally, in the stablecoin market, Circle’s USDC was trending, but again the twist was that there were around 15 incidents where large USDC transfers were linked to hacks/exploits.
However, USDC trading volume shows that it still exceeds USDT from Tether and others.
All of this combined paints a confusing picture of the crypto market, where neither sentiments nor metrics are in sync with each other.
In conclusion, adding even more tension, Coinbase analysts recently flagged looming risk for the crypto market ahead of US President Donald Trump’s April deadline on the Iran deal.
Final summary
- A coin listing is trending on Santiment, but on-chain metrics nevertheless draw a different conclusion.
- Some pieces are trending for good reasons, while another part is related to exploits and hacks.
