In the cryptocurrency world, altcoin projects showing signs of rally is an issue followed by investors. There are now signs of a rally for three cryptocurrencies with increasing whale activity. Let’s look at the details together.
Recovery signs for 3 altcoins
Crypto analysis platform Santiment has identified positive signals for three altcoins that could reverse recent bearish trends. Whale activity is reportedly increasing for decentralized exchange protocol dYdX (DYDX), data exchange platform Ocean Protocol (OCEAN), and crypto payment network Request (REQ). Based on this, whale activity indicates the potential for reversal.
Santiment notes the increase in whale activity. Accordingly, he states that it usually follows a period of falling prices. He also emphasizes that it shows that the probability of the trend reversal is increasing. At the time of writing this article, altcoin DYDX is trading at $1.85. On the other hand, altcoin OCEAN is trading at $0.286. Finally, altcoin REQ is changing hands at $0.081.
Ethereum gains momentum with increasing wallet assets
Santiment’s analysis extends to Ethereum (ETH), where most major exchanges and non-exchange wallets accumulate the second-largest cryptocurrency by market cap. The analysis firm notes that the ten largest over-the-counter wallets currently hold $61.1 billion worth of the altcoin Ethereum. He also emphasizes that this marks an all-time high.
At the same time, the ten largest exchange wallets hold a significant amount of Ethereum. Accordingly, it controls ETH worth $ 10.9 billion. These data express the accumulation of wealth in the altcoin Ethereum. It is also seen as a positive indicator.
Solid metrics of altcoin Ethereum
Santiment also reveals that altcoin Ethereum is experiencing an increase in the social dominance metric. This metric reflects the increased discussion of ETH on social media platforms. Accordingly, it is currently at its highest level in about a month. Increasing social presence indicates growing interest and commitment to Ethereum. Santiment also states that old Ethereum coins were transferred fastest within a month. He also notes that this indicates continued activity and participation among traders.
At the time of writing this article, altcoin Ethereum is trading at $1,550. Accordingly, this shows the flexibility and positive sentiment in the market. These indicators may offer brighter prospects for altcoins and Ethereum in the near future. When we look at Kriptokoin.com, investor sentiment seems to be shifting towards a more bullish stance.
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