Altcoins Worth Paying Attention To
If you’re interested in the crypto market, Santiment suggests that you keep an eye on altcoins that are observing high whale activity. The firm’s metric of interest is the “whale transaction count,” which tracks the daily total transactions for an asset worth at least $100,000.
When this metric is high, it means that whales are making a large number of transfers. These significant transactions can cause noticeable fluctuations in the cryptocurrency’s price, indicating potential volatility soon.
Altcoins with High Whale Transaction Count
Santiment has identified four altcoins with a high whale transaction count: Polygon (MATIC), 1inch network (1INCH), Dogelon Mars (ELON), and WOO Network (WOO). The recent spike in whale activity for these coins could suggest impending volatility.
For example, Polygon’s sharp rally has coincided with whale activity, potentially indicating profit harvesting by large holders. Regardless of the specific reasons, the high whale transaction activity makes these altcoins worth watching for potential price action in the near future.
Altcoin Rally Outperforming Bitcoin
CryptoQuant head of research Julio Moreno also discussed the latest alt rally, highlighting two significant metrics. Small cap altcoins have seen sharper growth than large cap coins like Bitcoin and Ethereum. Additionally, the trading volume gap between Bitcoin and alts on Coinbase is widening, indicating increased activity in the altcoin market compared to BTC.
Hot Take
The recent surge in whale activity for certain altcoins suggests potential volatility and price action ahead. Combined with the outperformance of small cap alts over Bitcoin and increasing trading volume gaps, it’s clear that now might be a good time to pay closer attention to altcoins in the crypto market.
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