Blockchain analytics platform Santiment says a handful of altcoins are experiencing mini-breakouts as Bitcoin (BTC) trades near $30,000.
According to Santiment, Solana (SOL), Arbitrum (ARB), Monero (XMR), and XRP rival Stellar (XLM) are taking advantage from the redistribution of profits from Bitcoin’s latest rally and from the frenzy surrounding the recent Bitcoin exchange-traded fund (ETF) applications.
“As Bitcoin continues to hover between the $29,000 and $31,000 levels throughout its week, altcoins are showing signs of benefiting from BTC’s pump profit redistributions. With ETFs creating more trader exposure, trader optimism is starting to kick in.”
Santiment says XLM saw the biggest rally at 12%, followed by ARB at 7% and both SOL and XMR at 5%.
Stellar is trading at $0.10 at the time of writing, up 18.3% over the past seven days. Ethereum (ETH) scaling solution Arbitrum is worth $1.14 at the time of writing, up 2% over the past seven days.
Solana is trading at $17.76 at the time of writing, up 4.8% over the last seven days, while Monero is worth $163.28 at the time of writing, up 8% over the past seven to dawn.
Sanitation too notices that investors with big pockets moved massive amounts of altcoins on Wednesday, making it one of the top three days for whale trades in 2023 so far.
“With altcoins becoming significantly more volatile over the past week, data indicates that several assets have undergone large transfers worth $10 million+ today, easily making it a top three most whale movement day of the year. Keep an eye on MATIC, CHZ, CRV and even USDT.”
According to Santiment, many crypto traders started this week with a bearish bias, a historical indicator that the market will turn bullish.
“After the crypto markets peaked last Friday, traders started the week expecting prices to continue falling and present opportunities to buy at the $27,000-$29,000 level. A high bearish sentiment increases the likelihood of a further increase.”
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