Altcoins

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

Crypto insights firm Santiment says that one Ethereum-based altcoin just experienced its largest surge in whale activity in almost a year and a half.

According to Santiment, interoperability blockchain Quant (QNT) had 187 six-figure transactions on January 7th, the most since September of 2021.

“After its modest +10% price spike after its last whale activity spike on Dec. 30th, Quant has now shown a much larger amount of whale transactions on its network today. There are 187 QNT transactions valued at $100,000+ today, its largest in 16 months.”

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Source: Santiment/Twitter

The Quant Network, powered by QNT, is a protocol that aims to build connections between blockchains and provide real-world solutions that lower costs, enable new business and mitigate risk.

QNT printed a green candle last week, putting in over 10% gains as the Ethereum-based token rallied from $105 on January 4th to $116 at time of writing.

Santiment also says that while crypto markets are slowly recovering as 2023 unfolds, they remain tightly correlated to the equities market. According to the firm, a break of the link between the two markets would be positive for Bitcoin (BTC).

“Crypto markets are continuing their steady 2023 recoveries, especially Ethereum & altcoins. After some separation between the SP500 & Bitcoin following the FTX implosion, the two remain very correlated. A correlation break would be good for BTC.”

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Source: Santiment/Twitter

At time of writing, Bitcoin is trading at $17,187.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any 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/Ziema/Pooh Yuphayao

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