Bitcoin price has failed to break past $85,000 for more than a week as the crypto fear and greed index plunges into extreme fear. The choppy price moves have led to massive institutional outflows from spot Bitcoin ETFs this week. However, as Bitcoin sees steady outflows, investors are actively accumulating 3 altcoins, which may precede a massive price rally for these coins.
Top 3 Altcoins Investors Are Buying as Bitcoin Price Struggles
Crypto investors are turning towards altcoins to scoop profits as Bitcoin price struggles to reclaim its previous highs. CryptoQuant CEO has stated that the Bitcoin bull market is over and warned that the asset might experience 6 to 12 months of a bearish trend.
Popular analyst Julio Moreno also observed that US-based ETFs have recorded the fifth consecutive week of negative flows. This indicates a lack of interest from institutions.
However, as traders steer clear of Bitcoin, 3 altcoins have seen a rapid surge in exchange outflows, suggesting accumulating as investors anticipate gains. These altcoins include Ethena (ENA), Mantra (OM) and Maker (MKR).
Exchange Outflows
Ethena (ENA)
One of the altcoins that traders are rapidly accumulating is Ethena, which has fallen by 21% in one month. However, ENA exchange outflows have increased by more than 66%, suggesting a lack of intent to sell.
The main reason why traders may be accumulating ENA is because of a recent partnership between Ethena Labs and Securitize. The two institutions have launched the Converge layer-1 blockchain to merge traditional finance and decentralized finance.
Investors anticipate the launch to stir a bullish Ethena price prediction. ENA has also formed a rounding bottom pattern, and if it reverses to the neckline of $1.32, it could stir a 560% rally to $8.80.
ENA/USDT: 1-Week Chart
Mantra (OM)
Crypto traders are also accumulating Mantra (OM) after exchange outflows soared by 53% in the last 24 hours. Mantra is among the few altcoins that have not succumbed to bearish trends in the broader crypto market. At press time, OM trades at $7.04 after a 12% gain in one week.
The RSI on the token’s daily chart has risen to 55, and the volume histogram bars show that buying pressure has increased. After flipping the 61.8% Fibonacci level, Mantra price is eyeing another rally to the 123.6% Fib level of $10.53.
OM/USDT: 1-day Chart
Maker (MKR)
Maker price today trades at $1,222 with a marginal 1.2% rise. Exchange outflows for MKR tokens have surged by 51% in 24 hours, as traders move their altcoins from exchanges to hold for the long term.
Maker has been drawing attention since its rebrand to Sky as it expands its presence in the DeFi industry. The RSI on Maker’s daily chart has also made a bullish crossover after moving above the signal line. If it crosses above 50, it will confirm a shift in momentum, leading to a bullish Maker price prediction.
MKR/USDT: 1-day Chart
Final Thoughts on the Top Altcoins to Buy
Bitcoin price is experiencing choppy price moves amid surging outflows and fearful market sentiment. However as investors turn their attention away from BTC, 3 altcoins have much potential to rally as exchange outflows from exchanges increase significantly.
The post 3 Altcoins Investors Are Actively Accumulating Despite Bitcoin’s Chop appeared first on CoinGape.
