Prominent crypto analysis platform Santiment warns that several altcoins could be issuing a bearish signal.
In a post on social media platform
Generally speaking, coins sent to exchanges are bearish because this implies that more of the supply is available to be sold on the open market. Other coins emitting a bearish signal include cloud-based blockchain platform governance token Onyxcoin.
(XCN), the native asset of automated staking service Lido DAO (LDO) and the utility token of digital asset exchange Crypto.com (CRO).
“Several cryptocurrencies that you may not have on your radar are seeing million-plus coin levels moving to exchanges. This weekend, keep an eye out for:
XCN
FDUSD
SPX
LDO
CRO
WLD.
When it comes to Bitcoin, Santiment says large BTC wallets, or those holding at least 100 coins, are currently at their second highest level since December 2017 – which was near the peak of this bull market.
“Bitcoin’s market value rallied as high as $105,970 on a bullish crypto Friday full of positive moves. One thing to watch closely is the number of wallets holding at least 100 BTC, which reached 17,799 addresses just before this month-long high price milestone.
Santiment also says that conversations surrounding inflation data, altcoin XRP payments, and artificial intelligence (AI) are some of the key narratives currently driving crypto markets.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
