- Altcoins Solana, Arbitrum, Monero, and Stellar are witnessing minor rallies while Bitcoin remains static, trading near $30,000, according to Santiment.
- Notably, Stellar records a 12% rally, followed by Arbitrum at 7%, and both Solana and Monero at 5%.
While Bitcoin (BTC) is seemingly stagnant, trading near the $30,000 mark, several altcoins have begun to experience mini breakouts, as per the insights from blockchain analytics platform, Santiment.
According to the platform, Solana (SOL), Arbitrum (ARB), Monero (XMR), and Stellar (XLM)—an XRP competitor—are reaping the benefits from the profit redistribution ensuing from Bitcoin’s latest rally, coupled with the fervor surrounding recent Bitcoin spot exchange-traded fund (ETF) applications.
In Santiment’s words,
“As Bitcoin continues its week-long ranging between the $29,000 and $31,000 level, altcoins are showing signs of benefiting from the profit redistributions from BTC’s pump. With ETFs creating more trader exposure, trader optimism is beginning to emerge.”
Among these altcoins, Stellar is enjoying the most significant rally, boasting a 12% upswing, followed by Arbitrum’s 7% surge and the 5% ascent experienced by both Solana and Monero.
At the time of this report, Stellar is trading at $0.10, recording an increase of 18.3% over the last seven days. Ethereum scaling solution, Arbitrum, stands at $1.14, up 2% in the last seven days. Solana and Monero are trading at $17.76 and $163.28 respectively, with seven-day increments of 4.8% and 8%.
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Furthermore, Santiment reports that whales have been active, moving significant volumes of altcoins on Wednesday, making it one of the top three days for such substantial transactions so far in 2023.
“With altcoins becoming significantly more volatile this past week, data indicates that several assets have seen major transfers worth $10 million + today, easily making it a top three highest whale movement day of the year. Keep an eye on MATIC, CHZ, CRV, and even USDT,”
the platform advises.
Santiment also notes that despite a bearish bias among many crypto traders at the start of the week—historically indicating a likely market flip to bullish—the unexpected rise of altcoins showcases the volatile and often unpredictable nature of the crypto market. The platform suggested,
“High bearish sentiment increases further rise probability.”
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