Whales Flock to Ethereum Rival TRB as Altcoins Surge

Santiment, the crypto analytics firm, has noted a surge in the interest of large investors in an Ethereum-based project that competes with Chainlink, a top cryptocurrency in the current market.

Tellor (TRB), the native token of the decentralized oracle protocol, achieved an all-time high with 51 transactions exceeding $100,000 each on a single day.

As of the latest data available, TRB is now trading at $91.66, marking a significant increase from around $9.83 just two months ago, signifying a substantial surge of over 832%. However, it’s worth noting that TRB is still down by more than 43% from its peak value of $161.12, which was reached in May 2021.

Santiment has also pointed out the significant growth in active and newly created TRB addresses. They mentioned that Tellor’s price has surged by approximately 750% since July, and large investors display greater interest than ever.

Additionally, new addresses are continuously joining the platform. TRB currently holds the #192 position in terms of market capitalization and is steadily rising, leading the way among altcoins in October.

Santiment has further highlighted that several other cryptocurrencies, such as LINK, MATIC, APT, and AAVE, are currently experiencing their most significant decoupling from Bitcoin in the current year.

This recent breakthrough of the resistance level is distinctive, as it is happening while altcoins are gaining momentum, in contrast to previous instances when Bitcoin hit $30,000 and altcoins lagged behind.

At the time of this writing, LINK, ranked 14th by market capitalization, is trading at $10.31, while MATIC, ranked 13th, is valued at $0.625. APT, ranking 35th, is currently changing hands at $6.23, and AAVE, positioned at 41st, is trading at $83.31.

Author

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.