Santiment, a crypto analytics firm, is warning about potential price drops for several altcoins. They’ve noticed a significant increase in the amount of these coins being sent to exchanges. This is often a bearish signal, suggesting that holders might be preparing to sell.
Bearish Altcoins on the Radar
The list of altcoins showing this bearish signal includes some well-known names and some lesser-known ones:
- Worldcoin (WLD): Sam Altman’s digital ID project.
- SPX6900 (SPX): A memecoin.
- Onyxcoin (XCN): The governance token for a cloud-based blockchain platform.
- Lido DAO (LDO): The native asset of an automated staking service.
- Crypto.com (CRO): The utility token of the Crypto.com exchange.
Santiment reported that over $1 million worth of each of these coins was moved to exchanges. This is a significant amount and warrants attention.
Bitcoin’s Big Holders
Meanwhile, the number of Bitcoin wallets holding at least 100 BTC is near its highest level since late 2017. While this could be positive, it’s something to keep an eye on. Bitcoin’s price recently hit a high of $105,970.
Market Drivers
Santiment also points out that discussions around inflation data, XRP (a payments altcoin), and artificial intelligence (AI) are currently shaping the crypto market.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
