Cryptocurrency trading for two Ethereum (ETH)-based altcoins is on the rise as the market expands more broadly, new data shows.
According to market intelligence platform Santiment, well-funded investor activity is picking up in layer 2 altcoin OP (Optimism) and fan-centric cryptocurrency project Chiliz (CHZ).
“As the cryptocurrency rebound grows (May 20), keep an eye out for increased whale activity among many altcoins such as Optimism and Chiliz. Sudden on-chain activity from the largest traders usually portends large volatility and OP and CHZ reversals.”
Bullish is trading at $2.80 at the time of writing, up more than 1% in the last 24 hours. Meanwhile, Chiliz is trading at $0.12 at the time of writing, up 1.3% in the last 24 hours.
Santiment also noted that Ethereum is one of the most talked-about cryptocurrency projects on social media platforms, as the U.S. Securities and Exchange Commission looks more likely to approve an Ethereum exchange-traded fund (ETF).
“According to X, Discord, Telegram, 4chan and Bitcoin Talk, Ethereum is the most popular asset in the cryptocurrency space. Attention is focused on the SEC’s decision to approve the first spot ETH ETF. Additionally, the fear, uncertainty, and doubt associated with the Tether story could lead to a major bullish market rally.”
Market intelligence firm IntoTheBlock found that the majority of ETH holders are cashing in on the recent rally.
“Ether’s explosive rise above $3600 saw 90% of ETH holders benefit.”
At the time of writing, Ethereum is trading at $3,715, up 8.7% in the last 24 hours.
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