Analytics firm Santiment says cryptowhales are becoming “very active” on an Ethereum-based altcoin
An Ethereum (ETH)-based altcoin is seeing a spike in whale activity, according to crypto analytics firm Santiment.
Santiment notes that earlier this week, decentralized oracle network Chainlink (LINK) experienced its most active day in terms of whale transactions since mid-June.
Source: Santiment
The analytics firm says spikes in whale activity are “often key to sustained rallies.”
LINK is trading at $7.74 at the time of writing. The 22nd-ranked crypto asset by market cap is down more than 6.5% in the past 24 hours but is up more than 16% in the past seven days, outperforming most of the crypto market over the period .
In terms of the overall market, Santiment says crypto could break away from stocks.
“Things were looking up for crypto for the past week before the S&P 500 took another nosedive, taking BTC, ETH and the rest of digital assets down. Still, there are signs that the tight correlation between sectors has broken.”
Santiment also notes that Bitcoin (BTC) trading volume is “heating up.”
“During Tuesday’s big drop, BTC reached its highest trading level since June 14. Volume has gradually increased throughout the year since bottoming out in late January.”
BTC is trading at $19,452 at the time of writing. The top-rated crypto asset by market cap is up almost 2% in the last 24 hours.
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Olga Medvedeva
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.