Crypto Whales Make Waves as Top Assets Surge
According to Santiment, a prominent analytics firm, the recent surge in the digital asset market is coinciding with a notable increase in activity among crypto whales.
Santiment highlights that whales in the Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Chainlink (LINK) networks have all reached their highest levels of activity in the last six months.
🐳📈 Whales are extremely active, spiking to 6-month high levels on the #Bitcoin, #Ethereum, #Chainlink, and #Cardano networks. There may be a bit of profit taking happening to end the week, but this doesn't necessarily signal that tops are imminent. https://t.co/lASvL551Rj pic.twitter.com/0lnXMjYyFJ
— Santiment (@santimentfeed) November 10, 2023
The analytics firm suggests that while there might be some profit-taking towards the end of the week, it does not necessarily indicate an impending market top.
As of the current writing, BTC is trading at $37,388, showing an almost 8% increase over the past seven days. ETH, the second-largest crypto asset, is priced at $2,084, reflecting a nearly 14% gain in the past week.
ADA, positioned as the ninth-ranked crypto asset by market cap, is trading at $0.379, with a notable increase of more than 16% in the past seven days.
Similarly, LINK is trading at $15.43, securing its position as the 12th-ranked crypto asset by market cap, with a substantial growth of over 35% in the past week.
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Santiment also draws attention to Solana (SOL), which is gaining significant online traction as the crypto asset reaches an 18-month high.
📈 #Solana has now surpassed $54 for the first time since May, 2022. Discussion rates on $SOL have again spiked, indicating the mainstream crowd recognizes the asset's decoupling from other assets. Funding rates are high, but not in a 'danger zone' yet. https://t.co/Tl9jlAsOx5 pic.twitter.com/sG97sCU9Br
— Santiment (@santimentfeed) November 10, 2023
The firm notes that discussion rates on SOL have surged, indicating the broader recognition of the asset’s decoupling from other assets.
While funding rates are high, they have not yet entered a ‘danger zone.’ As of now, SOL is trading at $56.59, experiencing a remarkable 43% increase in value over the course of this week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
