Altcoin Holders Sitting on Massive Unrealized Gains: Santiment Data
Santiment data shows that the average altcoin wallet has witnessed massive profits. Santiment cautioned investors regarding “overbought” signals. Opening a new position in an altcoin is highly risky, Santiment said. Santiment, a blockchain analytics firm, has pointed out in a recent X post that altcoin holders are sitting on massive un realized gains after weeks of explosive price action to the upside for many cryptos. Apart from a few sluggish altcoins, the “vast majority” of crypto projects have provided significant gains to holders, stated Santiment in a post on social media platform X (previously known as Twitter) on February 20. The average wallet over a medium to long-term time period has seen “understandably high profits” from altcoins since the market turned green starting in mid-October 2023. However, the blockchain analytics platform also cautioned investors that its signals are now showing “overbought” levels. Sant...