Crypto analytics firm Santiment, Bitcoin $103,062.1He stated that there were positive signals in altcoins after exceeding $ 100,000. Santiment found that one metric showed a spike for altcoins.
Increase in Whaling Transactions
According to Santiment, an increase in big whale transactions is observed in many altcoin projects, including the stablecoin Dai (DAI) issued by Maker. This increase may be an indication that investors expect great activity in the market.
Santiment stated that the increased purchase of DAI shows that investors are considering accumulating altcoins using stablecoins in the near future. This indicates that altcoins may gain value.
“Increased activity for stablecoins is generally a good sign that large amounts of funds are preparing to be exchanged for altcoins. For example, Dai is widely associated with ETH-based assets,” says Santiment.
Whale Trades on Top Altcoins
Santiment shared a list of the top 10 altcoins with a market cap of at least $500 million that experienced the biggest increase in whale transactions this week. This list reveals important movements in the altcoin market.
“Assets with high whale activity are more likely to experience price reversals, typically around moves such as profit taking or dip buying,” Santiment warned.
Additionally, Santiment reported that network activity has increased significantly with the increase in the value of XRP. XRP is currently trading at $3.24 and is down 4.2% in the last 24 hours.
XRP exceeded its market value of $ 3.39 for the first time since January 2018, and with this increase, 2,365 XRP transactions worth more than $ 100,000 were made in 8 hours. A significant increase was also observed in the total number of investors.
For investors, these developments may present potential opportunities in the altcoin market. However, high whale activity could cause market fluctuations, so caution is needed, Santiment warns.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
