Santiment, a leading crypto data platform, continues to highlight altcoin market trends, focusing on the notable rise in Ripple’s XRP and Linear Finance’s LINA. The platform points out a repeat of the bullish signal for XRP before its major rally in March, while also reporting that large Bitcoin (BTC) investors have switched to accumulation mode.
Santiment Sheds Light on Altcoin Market through XRP and LINA
Santiment reports a rise in daily XRP wallet activity, historically significant before a major breakout. Referring to a significant increase in XRP’s wallet address activity on March 18, 2023, and the subsequent 45% increase in price over the following ten days, the platform stated:
XRP has seen the second and third largest wallet address activity increase in its history over the past two days. There is a slight 4% divergence between the altcoin market and XRP, and if history repeats what happened after the wallet address activity increase on March 18, this divergence might increase.
Continuing to shine a light on the altcoin market, Santiment also suggests that the recent rise of synthetic asset platform Linear Finance (LINA) could indicate a potential short-term rally in the altcoin market:
Since Linear Finance has shown a 62% increase over the last three days, altcoins continue to show encouraging signs. Amid current volatility, a whale-level exchange wallet address has emptied a significant portion of its LINA assets, with a transfer of 910 million LINA, worth $15.6 million, over approximately 48 hours.
According to the crypto data platform, the price movements in both XRP and LINA are extremely positive for the overall altcoin market.
Big Bitcoin Investors Have Activated Accumulation Mode
Santiment reported that shark-level and whale-level BTC investors, which it categorizes as large Bitcoin investors, have accumulated a total of 93,000 BTC since the market fell from its local high of approximately $30,000 in mid-April.
In assessing the current trend of Bitcoin sharks and whales, the crypto data platform stated: “Wallet addresses holding between 10 and 10,000 BTC seem to be acting cautiously as the price has moved between $26,000 and $30,000 over the past month. Regardless, since the price fell from its local high in mid-April, they have accumulated a total of 93,000 BTC.”
