Gains accumulated in various cryptocurrencies during the bull market. During this time, digital assets in the space managed to rise to all-time highs. However, with the emergence of the bear market by 2022, altcoin prices started to decline. However, even at the time of the decline, there were rebounds in various cryptocurrencies. The data shows that LINK and 2 altcoins made huge profits during such recoveries.
Santiment: “LINK and these 2 altcoins take big profits”
A recent report from Santiment shows that investors are pulling their profits from three cryptocurrencies. These three altcoins include Aave (AAVE), Chainlink (LINK), and Polygon (MATIC). All three have seen some increase in their prices as the new week opens, according to the data analysis firm’s report. In fact, behind this rise was largely Bitcoin, which exceeded $ 20,000. The BTC surge has caused some assets in the space to see double-digit gains.
However, investors in assets seeing big gains have taken it as a sign to start pulling back on their gains. With each climb in price, profit taking increased. This revealed that investors had been waiting for such a recovery for a long time to make a profit. Santiment notes that trends like this can often point to short-term bullish events. This view makes sense as sales increase the circulating supply and lower the price of the token.
“The continuation of the price rise depends on the Bitcoin price”
However, Santiment also states that the price rally of LINK, AAVE and MATIC remains heavily dependent on Bitcoin price. The analytics firm stated that holding Bitcoin firmly above $20,000 is critical for bullishness. Accordingly, if BTC stays above the aforementioned level, altcoins could reach higher levels despite the recent sell-off.
Is it time to profit from LINK, AAVE and MATIC?
The bear market is a period when we witness massive panic selling, especially in the general market. Also, this is the best time to buy altcoins, historically. However, the best investment period for LINK, AAVE and MATIC may be right now. These three cryptocurrencies have entered a period of intense profits due to their recent rises. Also, price movements are heavily dependent on Bitcoin performance.
Moreover cryptocoin.com As we reported, Bitcoin has dropped to $ 19,589, below the $20,000 level as of the writing of this article. The best time to buy these assets will be during the correction that occurs after the recovery. This would occur if the price of Bitcoin fell below $20,000, and it happened at the time of this writing. LINK and 2 other altcoins will be priced from now on, driven by the sell-off highlighted by Santiment.
