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Bitcoin BTC/USD has surpassed the $100,000 mark, triggering a bullish signal for altcoins, according to a crypto analytics firm. The firm has observed a notable increase in whale transactions for several altcoin projects, including the stablecoin Dai (DAI), issued by Maker.
What Happened: Santiment highlights that the surge in DAI transactions suggests investors might soon use these stablecoins to acquire altcoins.
Increased activity in stablecoins often signals that substantial funds are being prepared for swaps into altcoins linked to those stablecoins’ trading pairs.
📊 Among altcoins with $500M+ market caps, these are the projects with the largest increases in whale transactions this week:
🐳 1) @makerdao $DAI (BNB): +800%
🐳 2) @dexenetwork $DEXE: +250%
🐳 3) @layerzero_core $ZRO (Optimism): +200%
🐳 4) @aave $AAVE (Polygon): +200%
🐳 5)… /myvPNewIYB
— Santiment (@santimentfeed) January 17, 2025
The analytics platform provided a list of altcoins with a market cap of at least $500 million experiencing the most significant rise in whale transactions this week.
These include MakerDAO DAI on BNB with an 800% increase, DeXe Network (DEXE) at 250%, and LayerZero CORE on Optimism at 200%.
Santiment also cautions that high whale activity in altcoins could lead to market volatility, as key stakeholders often make moves around profit-taking or buying dips.
Additionally, XRP has seen a surge in network activity, reaching a seven-year high of $3.39, with 2,365 transactions over $100,000 occurring in an eight-hour span.
See Also: Trump Plans Crypto-Friendly Executive Orders In Early Days Of Presidency: Report
Why It Matters: The recent surge in Bitcoin’s value is not an isolated event. In December, crypto analyst Michaël van de Poppe predicted a potential upswing in the altcoin market, following a period of stagnation.
He identified a critical support level for Bitcoin, which has now been surpassed, indicating a shift towards an altcoin season.
Earlier, in November, van de Poppe also anticipated a significant rally for a top altcoin, Stacks (STX), suggesting a 70% rally as it approached a critical resistance level. This prediction aligns with the current market dynamics, where altcoins are gaining traction as Bitcoin’s dominance shifts.
Bitcoin Set For Major Bullish Surge, Says Popular Crypto Analyst As BTC Crosses $100,000 Ahead Of Trump Inauguration
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