Santiment, a prominent cryptocurrency analysis platform, is warning that several altcoins may be sending bearish signals.
In a post on social media platform
Generally speaking, the transfer of coins to an exchange is bearish because it means more supply can be sold on the open market. Other coins sending bearish signals include the governance token of cloud-based blockchain platform Onyxcoin.
(XCN) is the native asset of Lido DAO (LDO), an automated staking service, and the utility token of digital asset exchange Crypto.com (CRO).
“You are seeing over $1 million worth of coins moving to exchanges across multiple cryptocurrencies that may not be on your radar. This weekend, keep an eye out for the following:
XCN
FDUSD
SPX
LDO
Cro
W.L.D.”
Looking at Bitcoin, Santiment says the number of large BTC wallets, or those holding at least 100 coins, is currently at its second highest level since December 2017, near the peak of the bull market.
“Bitcoin’s market value surged again to $105,970 in a cryptocurrency bull market Friday filled with positive moves. One thing to watch carefully is the amount of wallets holding at least 100 BTC, which increased to 17,799 addresses just before this one-month high price milestone.”
Santiment also says that inflation data, altcoin XRP payments, and conversations around artificial intelligence (AI) are some of the key stories driving the cryptocurrency market right now.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia