Ethereum-Based Altcoin Witnesses Largest Spike in Whale Activity in Nearly 18 Months: Analytics Firm Santiment

Crypto insights agency Santiment says that one Ethereum-based altcoin simply skilled its largest surge in whale exercise in virtually a yr and a half.

In keeping with Santiment, interoperability blockchain Quant (QNT) had 187 six-figure transactions on January seventh, essentially the most since September of 2021.

“After its modest +10% worth spike after its final whale exercise spike on Dec. thirtieth, Quant has now proven a a lot bigger quantity of whale transactions on its community at this time. There are 187 QNT transactions valued at $100,000+ at this time, its largest in 16 months.”

Supply: Santiment/Twitter

The Quant Community, powered by QNT, is a protocol that goals to construct connections between blockchains and supply real-world options that decrease prices, allow new enterprise and mitigate danger.

QNT printed a inexperienced candle final week, placing in over 10% beneficial properties because the Ethereum-based token rallied from $105 on January 4th to $116 at time of writing.

Santiment additionally says that whereas crypto markets are slowly recovering as 2023 unfolds, they continue to be tightly correlated to the equities market. In keeping with the agency, a break of the hyperlink between the 2 markets can be optimistic for Bitcoin (BTC).

“Crypto markets are persevering with their regular 2023 recoveries, particularly Ethereum & altcoins. After some separation between the SP500 & Bitcoin following the FTX implosion, the 2 stay very correlated. A correlation break can be good for BTC.”

Supply: Santiment/Twitter

At time of writing, Bitcoin is buying and selling at $17,187.

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