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Ethereum (ETH)-based altcoins are seeing a spike in whale activity, according to cryptocurrency analytics firm Santiment.
santimento Note Chainlink (LINK), a decentralized oracle network, witnessed its busiest day in whale trading since mid-June earlier this week.
The analytics firm says increased whale activity “often is the key to sustained rallies.”
LINK is trading at $7.74 at the time of writing. The 22nd largest crypto asset by market capitalization has fallen more than 6.5% over the past 24 hours, but has risen more than 16% over the past 7 days, outperforming most of the crypto markets during that period.
Looking at the market as a whole, Santiment To tell That crypto could be off the stock.
Cryptocurrencies were on the upside last week before the S&P 500 crashed again and BTC, ETH and other digital assets fell. you can see.”
Santiment also says that Bitcoin (BTC) trading volume is overheating.
BTC peaked at its highest level since June 14 during Tuesdays sharp decline. Volume has been gradually increasing throughout the year since bottoming out in late January.
BTC is trading at $19,452 at the time of writing. The top-ranked crypto asset by market capitalization is up nearly 2% in the last 24 hours.
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Featured Image: Shutterstock/Olga Medvedeva
