Three Altcoins See Increased Whale Activity as This New ICO Raises $1.5 Million
The post Three Altcoins See Increased Whale Activity as This New ICO Raises $1.5 Million appeared on BitcoinEthereumNews.com. Amid strengthening market conditions, several prominent Ethereum-based protocols have seen surging whale activity, indicating a potential reversal amid a bearish trajectory. Meanwhile, the new token Bitcoin Minetrix ($BTCMTX) has surged past $1.5 million as it enters its second presale round, as traders back it to be another altcoin to have a bullish future. Santiment Reports Whale Activity Spike Amidst Market Turnaround, Potential Bull Rally Ahead? Market volatility has been rife recently following rising geopolitical tensions in the Middle East. Initially, crypto prices crashed, but whales seemingly capitalized on the lower prices. According to the blockchain analytics platform Santiment, whale activity has surged massively with the decentralized exchange platform DyDx, data exchange platform Ocean Protocol, and decentralized payment platform Request. According to the analytics provider, increasing whale activity often coincides with a price reversal. Part of the reason for the increased whale activity, at least for dYdX, is that its developer activity has also spiked, Santiment reported. An update by Santrends highlights that “dYdX development activity has never been that high as recently.” Developer activity is a strong indication of the network effect, which is a theory that predicts the value of a good or service. Then, when looking at Ethereum, Santiment stated that its social metrics have been “notably higher” since late September. Data provided by the platform also shows that social dominance is about to cross over its price. Considering social dominance has been below price since March 2023, this could indicate that social sentiment is about to shift bullish, particularly when factoring in the 2024 Bitcoin halving set for April 2024. As the chart above shows, social dominance has also broken its resistance level, which previously acted as support before November 2022. Shifting our attention to Bitcoin, Santiment noted that the number of whales holding Bitcoin has spiked…
The post Three Altcoins See Increased Whale Activity as This New ICO Raises $1.5 Million appeared on BitcoinEthereumNews.com.
Amid strengthening market conditions, several prominent Ethereum-based protocols have seen surging whale activity, indicating a potential reversal amid a bearish trajectory. Meanwhile, the new token Bitcoin Minetrix ($BTCMTX) has surged past $1.5 million as it enters its second presale round, as traders back it to be another altcoin to have a bullish future. Santiment Reports Whale Activity Spike Amidst Market Turnaround, Potential Bull Rally Ahead? Market volatility has been rife recently following rising geopolitical tensions in the Middle East. Initially, crypto prices crashed, but whales seemingly capitalized on the lower prices. According to the blockchain analytics platform Santiment, whale activity has surged massively with the decentralized exchange platform DyDx, data exchange platform Ocean Protocol, and decentralized payment platform Request. According to the analytics provider, increasing whale activity often coincides with a price reversal. Part of the reason for the increased whale activity, at least for dYdX, is that its developer activity has also spiked, Santiment reported. An update by Santrends highlights that “dYdX development activity has never been that high as recently.” Developer activity is a strong indication of the network effect, which is a theory that predicts the value of a good or service. Then, when looking at Ethereum, Santiment stated that its social metrics have been “notably higher” since late September. Data provided by the platform also shows that social dominance is about to cross over its price. Considering social dominance has been below price since March 2023, this could indicate that social sentiment is about to shift bullish, particularly when factoring in the 2024 Bitcoin halving set for April 2024. As the chart above shows, social dominance has also broken its resistance level, which previously acted as support before November 2022. Shifting our attention to Bitcoin, Santiment noted that the number of whales holding Bitcoin has spiked…
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