According to a recent report from leading analytics firm Santiment, the recent surge in digital asset market activity has been accompanied by a significant increase in crypto whale activity. Santiment’s data indicates that whales on the Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Chainlink (LINK) networks have all demonstrated their highest levels of activity in the past six months. Despite this heightened activity, the firm notes that it does not necessarily signal that market tops are imminent, suggesting that the rise in whale activity may be attributed to a bit of profit-taking.
As of the time of writing, the price of BTC stands at $37,388, marking an almost 8% increase over the past seven days. Meanwhile, ETH, the second-largest crypto asset, is trading at $2,084, showing a nearly 14% increase in the past week. ADA, the ninth-ranked crypto asset by market cap, is trading at $0.379 and has observed a more than 16% increase in the past seven days. Finally, LINK, the 12th-ranked crypto asset by market cap, is trading at $15.43 and has experienced a remarkable 35% increase over the past week.
In addition to these popular assets, Santiment also points out that Ethereum competitor Solana (SOL) has been attracting significant attention online as the crypto asset reaches an 18-month high. The firm’s data shows that discussion rates on SOL have surged once again, suggesting that the mainstream crowd is recognising the asset’s decoupling from other assets. Despite high funding rates, Santiment does not see SOL being in ‘danger zone’ territory yet.
At the time of writing, SOL is trading at $56.59, posting a more than 43% increase in value over the current week. The trends presented by these leading digital assets and their corresponding increases in trading volume and value reflect a broader uptick in market activity.
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As the digital asset market continues to evolve and expand, it is crucial to stay informed and exercise discretion in making investment decisions. By staying informed and conducting thorough research, investors can navigate these exciting and dynamic markets with greater confidence and awareness.
