Watch These Activity Spikes While Markets are Down!

It's quite easy to get complicit and a bit apathetic over the disappointing crypto market performances we've seen over the last few months. But the good news is that there are some signs of altcoin rebounds happening.

Large cap coins like XRP, Binance Coin, Tron, and Stellar are among projects that have been quietly been gaining momentum (and price dominance on Bitcoin) while BTC's market value ranges between $78K and $84K.

But what about what's going on 'under the hood' behind cryptocurrency networks? Are they all drying up in network utility, whale activity, and social discussions due to the 8-week downturn? Some yes, some no.

For this exercise, we will provide an update on what the Activity Matrix is indicating are some of the potential project prospects for turning their fates around in the near future. Feel free to read up on the original breakdown of how this model works if you're interested in getting your hands on it!

Now, to break down the overall landscape of crypto at the moment, it should be unsurprising to see plenty more blue than red across most networks. This is quite normal when a mid-term bull cycle leads to all-time high prices, followed by a swift and punishing downturn:

Many retail traders, in particular, have either dropped out of crypto or are just leaving their coins alone until markets become a bit less depressing for them. So it's no surprise to see speculative driven assets, in particular, seeing some of their 'coldest' (lowest network activity) days of the year at the moment.

Looking at the graphic above, you'll see clear examples of blue labels and blue squares (indicating lower than usual address activity, social sentiment, etc.) for coins like Pepe, Chainlink, Shiba Inu, and plenty notable others that thrived in 2024.

So what does it mean when we see mostly cold activity? Well, unfortunately, the price trend is more likely to continue for these projects than others. Ideally, during a market-wide price downturn, we see sudden pick-ups in whale transactions (indicating accumulation from them) or network growth (indicating upcoming on-chain transaction increases). So to get your research brain flowing, we will explore the top candidates for each category that the Activity Matrix covers.

Top Address Activity Riser: Dogecoin (#11 Market Cap)

(Honorable Mention): Stormx (#367 Market Cap)

Top Network Growth Riser: PAX Gold (#83 Market Cap)

(Honorable Mention): Nexo (#78 Market Cap)

Top Whale Transaction Riser: Magic Token (#558 Market Cap)

(Honorable Mention): PAX Gold (#83 Market Cap)

Top Sentiment Riser: Audius (#242 Market Cap)

(Honorable Mention): API3 (#386 Market Cap)

Top Social Dominance Riser: Uma (#251 Market Cap)

(Honorable Mention): USD Coin (#7 Market Cap)

Top Exchange Flow Riser: PAX Gold (#83 Market Cap)

(Honorable Mention): Convex Finance (#184 Market Cap)

Top Mean Dollar Invested Age Riser: Joe (#404 Market Cap)

(Honorable Mention): Threshold (#198 Market Cap)

Top Age Consumed Riser: Threshold (#198 Market Cap)

(Honorable Mention): Joe (#404 Market Cap)

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Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.