Bitcoin, Toncoin and L1 Protocols Back In Limelight

After a massive run with memecoins over the past few weeks, the crypto community is returning back to Bitcoin (BTC), Ethereum (ETH), Solana (SOL)

Crypto traders are pivoting back to Bitcoin (BTC), Ethereum (ETH), Toncoin (TON), and other Layer-1 (L1) protocols following a massive run with memecoins over the past few weeks.

According to data insight from Santiment, Layer-1 networks have collectively seen 44.2% of social discussions on specific coins. This shift, the analytics firm implies, might mean a potential return to the bull era.

Bitcoin, Toncoin, and L1 Protocols Back In Limelight

As per Santiment on X, memecoins like Dogecoin, Shiba Inu, and PEPE are currently being discussed less in the market. The platform attributed this shift to the recent volatility that pushed the dominance of speculative altcoin price behind.

The data giant acknowledged that Bitcoin and L1s like Ethereum and Toncoin are the foundational infrastructure in the industry. It noted that the increased focus on these assets by traders often signals market maturity. It hinted that an L1 focus is a sign investors are prioritizing security, innovation, and real-world adoption.

Per the Santiment insight, memecoin frenzies generally come before the market falls. Historically, it noted that speculative excesses often lead to sharp reversals when the hype has faded.

However, it pointed out that this shift implies a more balanced market will emerge once the excessive leverage bets are wiped off.

Is Bitcoin, Toncoin, and L1s Ready for Rally?

According to the Santiment projection, a shift away from memecoin is proof that the market might be tilting toward sustainable trends. It confirmed that the gambling mentality associated with memecoins is paving the way for better fundamentals.

This forecast aligns with speculations from analysts that the altcoin selling will stop soon, paving the way for rapid counter-rally. As of writing, BTC price was changing hands for $97,380.20, up 1.81% in 24 hours. The sentiment has also trickled down to Ethereum, Toncoin, and Cardano. These altcoins are up 1.44%, 0.56%, and 3.30% to $2,668, $3.806, and $0.7172 respectively.

While it remains unclear whether the bull run is finally returning, Santiment is optimistic the market is in a healthy cool-down period.

Altcoins With ETF In Spotlight

Altcoins like Solana, XRP, and Litecoin are in the spotlight owing to the growing push for spot ETFs to track their prices. As reported earlier by CoinGape, Grayscale has filed for Cardano ETF with the US SEC.

The growing number of crypto ETF applications has signaled that a massive adoption era is on enroute. With Bloomberg Senior ETF Analyst projecting high approval odds for Litecoin, Dogecoin, and Solana ETF, the market appears ready for a rebound.