The recent US Federal Reserve move to reduce interest rates to 50 basis points has positively impacted altcoins, with many exhibiting signs of growth. Based on data from Santiment, the move caused anxiety within the Bitcoin market. However, most of the altcoins have experienced increased price and on-chain trends. Out of all these coins, both Fantom and Sui have risen significantly. Fantom emerged as the biggest gainer as it rose by 11% of its value, and Sui gained an 8% hike in its price.
📈 Altcoins are showing signs of a breakout following the US Fed's decision to cut interest rates by 50bps. Fantom (+11%) and Sui (+8%) are notable assets seeing mini surges.
— Santiment (@santimentfeed) September 18, 2024
Meanwhile, assets with rising whale transaction numbers include: STG, GMX, BIGTIME, OGN, GALA, & PIXEL. pic.twitter.com/T3L2o2dtJR
Altcoins See Increased Whale Transactions
Whale transactions are responsible for several altcoins’ activity. The good news here is that altcoins like Stargate Finance (STG), GMX (GMX), Big Time (BIGTIME), Origin Protocol (OGN), Gala (GALA), and Pixels (PIXEL) have gained traction in the aspect of whale trades. Whale transactions reflect major buyers as well as sellers of cryptocurrencies and they tend to exhibit a higher level of institutional demand.
Stargate Finance on Ethereum platform exhibited a 4.2% increase in its market price in the last 24 hours. It also noted a record 209.91 percent increase in trading volume. The number of transactions for the token that involved whales rose by 3600%, implying that the interest of institutions had risen. GMX, a decentralised exchange on Arbitrum, followed the trend. The token’s price increased by 1.3%, and the overall trading volume extended to 62.63%. Whale transactions escalated by 2300%.
Big Time – a token utilized in the gaming sector – rose by 13.42 percent in its price. The token trading volume also increased by 160.49% and the whales’ transactions went up by 1360%. Likewise, Origin Protocol appreciated by 1.56% in the price. Whale transactions raised it by 1000%, indicating an increased demand in the market.
Insights on Altcoin Trends: Trading Levels and VolumeGala, another gaming-related token, rose by 2.07 percent. The token similarly saw its trading volume increase by 61.35% while the transactions by whales went up by 800%. Pixels also showed suitable performance with a 6.38% rise in its prices. The trading volume surged by 178.17%. Further, the number of whale transactions moved to 750%.
The increase in whale transactions accelerates confidence in altcoins especially after the Federal Reserve cut its interest rate. People are now turning their attention to own these assets from Bitcoin. An increase in the presence of whales is usually a predictor of future price movements, attracting traders and institutions
