An Ethereum (ETH)-based altcoin is seeing whale activity surge, according to the crypto analytics firm Santiment.
Santiment notes that the decentralized oracle network Chainlink (LINK) earlier this week witnessed its most active day in terms of whale transactions since mid-June.
[adinserter block="1"]
The analytics firm says upticks in whale activity are “often the key to sustained rallies.”
LINK is trading at $7.74 at time of writing. The 22nd-ranked crypto asset by market cap is down more than 6.5% in the past 24 hours but up more than 16% in the past seven days, outpacing the majority of the crypto market during that time period.
In terms of the overall market, Santiment says that crypto could be breaking away from stocks.
“Things were looking up for crypto this past week, before the S&P 500 took another nosedive and brought down BTC, ETH, and the rest of the digital assets. Nevertheless, there have been signs that the tight correlation between sectors has been breaking.”
Santiment also notes that Bitcoin (BTC) trading volume has been “heating up.”
“During the big leg down on Tuesday, BTC peaked at its highest level of trading since June 14th. Volume has gradually risen all year since bottoming out in late January.”
BTC is trading at $19,452 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
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 losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Olga Medvedeva
