Cryptocurrency analytics platform Santiment has shared the latest data on various altcoin projects. According to the shares of the platform, whales, the biggest investors, are focused on certain cryptocurrencies. Here are the details…
Santiment shared important data
According to new data from Santiment, Litecoin (LTC), Polygon (MATIC) and two Ethereum (ETH)-based altcoins have begun to accumulate in the whales’ wallets. According to Santiment, Litecoin has experienced a major resurgence in whale activity. Behind this, it looks like there could be a price boom of more than 30 percent in LTC. According to the platform’s statement, large whale transactions in Litecoin, that is, transactions in wallets with cryptocurrencies worth $ 1 million or more, have revived.
In particular, two similarly sized whales took action as the price of LTC rose. At the time of writing, Litecoin is changing hands at $95, up 8 percent. So a 30 percent price increase would bring Litecoin to $115. Santiment also pointed to Aave (AAVE), dYdX (DYDX) and Polygon (MATIC). He added that these altcoin networks have also seen huge increases in whale transactions and prices.
cryptocoin.com As we have also reported, AAVE, MATIC and DYDX increased by 56, 35 and 94 percent, respectively, in the 30-day period. Therefore, the data platform concluded that the movements of large addresses should be closely monitored. Aave is currently at $87.14, up 3.2 percent, according to the data. The MATIC is $1.18, up 2%. Finally, DYDX is down 2.6 percent and is at $2.22.
Altcoin projects have started the year well
The crypto analytics platform believes it is a good sign that altcoins in general experienced a strong rally at the beginning of the year. He states that a solid start to the year may indicate that the upward trend will continue. According to Santiment, altcoins have started an impressive rally, with several notable assets up a minimum of 20 percent. There is also a rise in social sentiment. Other than that, it signals that FOMO (fear of missing out) is almost at its peak. It highlights the possibility that traders will allow a rise at this rate.
The entire cryptocurrency market has risen by over $250 billion to $1.05 trillion since January 1, partly due to a resurgence in the speculative altcoin market. This is often referred to as the “alt season”. This season is a time when the values of cryptocurrencies other than Bitcoin suddenly rise above the US dollar and Bitcoin. Altcoin season is a time when Bitcoin’s market cap starts to approach that of other cryptocurrencies.
