Solana, Arbitrum, Monero and One XRP Rival See Mini Breakouts
It has been revealed that there are a few altcoins that are seeing mini-bullish moves, according to the latest reports coming from Santiment. Check out more details about this below. Altcoins see bullish moves Blockchain...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
It has been revealed that there are a few altcoins that are seeing mini-bullish moves, according to the latest reports coming from Santiment. Check out more details about this below.
Altcoins see bullish movesBlockchain analytics platform Santiment made sure to say that there is a handful of altcoins are experiencing mini-breakouts as Bitcoin (BTC) trades near $30,000.
Currently, BTC is trading close to $30,000. Per Santiment’s analysis, Solana (SOL), Arbitrum (ARB), Monero (XMR), and Stellar (XLM) – a competitor to XRP – are experiencing gains due to the redistribution of profits from Bitcoin’s recent rally and the hype around the recent spot Bitcoin exchange-trade.
“As Bitcoin continues its week-long ranging between the $29,000 and $31,000 level, altcoins are showing signs of benefiting from the profit redistributions from BTC’s pump. With ETFs creating more trader exposure, trader optimism is beginning to emerge.”
According to Santiment, there is an increase in trader exposure, and trader optimism is starting to emerge. XLM is currently experiencing the most significant rally at 12%, followed by ARB at 7%, and both SOL and XMR at 5%. In the last seven days, Stellar has seen an 18.3% increase and is currently trading at $0.10.
Arbitrum, Ethereum’s scaling solution, has increased by 2% in the last seven days and is now worth $1.14. Solana has also seen a 4.8% increase in the last seven days and is trading for $17.76, while Monero’s current value is unknown.
Santiment also stated the fact that deep-pocketed investors moved massive amounts of altcoins on Wednesday, making it one of the top three days for whale transactions so far in 2023.
“With altcoins becoming significantly more volatile this past week, data indicates that several assets have seen major transfers worth $10 million + today, easily making it a top three highest whale movement day of the year. Keep an eye on MATIC, CHZ, CRV, and even USDT.”
Stay tuned for more news from the crypto space and make sure to check out the markets as well.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Bitcoin, Ethereum options worth $3B expire as ETH traders shift defensively toward puts
The defensive shift in Ethereum options suggests growing market caution, potentially influencing future trading strategies and vol...
Ethereum Price Faces a Reality Check as EIP-8288 Puts Its Technology to the Test
Ethereum price is trading at $2,465, steady and calm on the surface. Underneath it, the network is being asked a much harder quest...
There’s a 500% penalty on Hyperliquid oil short-selling
Crypto exchange Hyperliquid is paying traders 500% a year to hold long oil derivatives. Payouts are hourly as an additional reward...
Ethereum News: ETH Price Could Surge to $11,800 by 2030, Analysts Say
Ethereum trades at $2,470 as VanEck comes with a prediction news, calling the ETH base case at $11,800 by 2030. Another analyst go...
Ethereum Price Prediction: ETH Holds $2,465 as $2,600 Breakout Test Puts MemeToro AI Launchpad in Focus
At the same time, MemeToro is developing an AI memecoin launchpad on BNB Chain. Its new fair-launch code gives the project a clear...
MetaMask and Consensys split exposes the gap between Ethereum adoption and ETH demand
Consensys announced plans on Sept. 9 to operate MetaMask separately from its Ethereum infrastructure business, giving the consumer...