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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Sep 19, 2024 05:27 UTC
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On-Chain Data Predicts Altcoin Season: Top Performers Revealed!
Bitcoin's price surge and Fed's quantitative easing measures have triggered increased altcoin activity.
Whale traders increasing their involvement in altcoins like Origin Token, Stargate Finance, Pixels, Big Time, GALA, GMX, and Fantom.
Fantom and Sui have experienced notable price increases and growth in their web3 ecosystems, driven by several factors.
Bitcoin (BTC) crossed the key $62,000 mark for the first time this September, following important news from the Federal Reserve. This move has shifted attention toward the altcoin market, which has seen a significant boost over the last 24 hours. Past crypto bull cycles show that when the Fed introduces quantitative easing, it often kicks off a new macro uptrend.
With expectations of a new crypto bull market in the fourth quarter, on-chain data shows a sharp rise in altcoin activity. Bitcoin’s dominance is expected to decline on the weekly chart, which could trigger a major capital shift into altcoins—potentially sparking the next “altseason.”
The Spotlight is on Altcoins
As the economy shifts in a way that’s likely to benefit the crypto industry, large whale traders are increasing their activity. Data from the market intelligence platform Santiment shows a notable rise in whale activity in key altcoins over the past 24 hours.
The altcoins with the most whale activity include Origin Token (OGN), Stargate Finance (STG), Pixels (PIXEL), Big Time (BIGTIME), GALA, and GMX.
Fantom (FTM)
Fantom’s network, preparing to migrate to Sonic Labs, is seeing a boost in its web3 activity. According to recent data, Fantom holds around $102 million in total value locked (TVL) and over $339 million in stablecoins.
In the past 24 hours, Fantom’s price has surged by over 12%, trading at around $0.65 during early Thursday’s Asian session. This rally pushed FTM above a key resistance level at $0.53, which aligns with its 50-week Moving Average (MA).
Sui (SUI)
Sui (SUI), a fast-growing layer-1 blockchain, has shown impressive gains in recent days. The altcoin, with a fully diluted valuation of around $13.8 billion, has risen more than 72% in the past two weeks.
In the last 24 hours, SUI’s price jumped 13%, trading at about $1.37 during Thursday’s early Asian session. This growth is driven by Sui’s expanding web3 ecosystem, which currently has $797 million in total value locked and over $366 million in stablecoins.
Adding to its momentum, stablecoin issuer Circle recently announced plans to bring its USDC to the Sui network.
With whales flocking to altcoins like OGN, STG, and PIXEL, the question remains: Are you ready to join the altcoin revolution?
Also Check Out: Bitcoin Surges Past $62,000 After Fed Announces Rate Cut; Potential Rally Ahead?
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