Prominent crypto analytics platform Santiment warns that several altcoins may be sending a bearish signal.
In a post on social media platform
Generally, coins sent to exchanges are bearish as it implies a greater supply is available to be sold on the open market. Other coins showing the bearish signal include the governance token of the cloud-based blockchain platform Onyxcoin
(XCN), the native asset of the automated staking service Lido DAO (LDO) and the utility token of the digital asset exchange Crypto.com (CRO).
“Several cryptocurrencies that you may not have on your radar are seeing $1 million+ levels of coins move onto exchanges. This weekend please note:
XCN
FDUSD
SPX
LDO
CRO
WLD.”
Looking at Bitcoin, Santiment says that large BTC portfolios, or portfolios containing at least 100 coins, are currently at their second-highest levels since December 2017 – which was near the peak of that bull market.
“Bitcoin’s market value has risen back to $105,970 on a bullish crypto Friday full of positive moves. One thing to keep a close eye on is the number of wallets holding at least 100 BTC, which rose to 17,799 addresses just before this one-month high price milestone.”
Santiment too say that conversations around inflation data, payment altcoin XRP, and artificial intelligence (AI) are some of the top stories driving the crypto markets right now.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia