Altcoin Season Heats Up: Fantom and Sui Lead the Rally After Bitcoin’s Surge
The post Altcoin Season Heats Up: Fantom and Sui Lead the Rally After Bitcoin’s Surge appeared first on Coinpedia Fintech News
As Bitcoin’s (BTC) price crossed the crucial milestone of around $62k for the first time in September, following the high-impact news from the Federal Reserve, the attention on the altcoin market significantly increased in the past 24 hours. From the past crypto bull cycles, it is evident that the onset of the Fed’s quantitative easing measures triggers a fresh macro uptrend period.
With the high expectations of a fresh crypto bull run set to kickstart in the fourth quarter, on-chain data shows that the altcoin activity has significantly increased. Furthermore, Bitcoin dominance is expected to reverse in the weekly time frame and accelerate the crypto cash rotation to the altcoins, thus triggering the next major altseason.
Santiment Reveals Altcoins with Bullish Outlook
Altcoins are showing signs of a breakout following the US Fed’s decision to cut interest rates by 50bps. Fantom (+11%) and Sui (+8%) are notable assets seeing mini surges.
Meanwhile, assets with rising whale transaction numbers include: STG, GMX, BIGTIME, OGN, GALA, & PIXEL. pic.twitter.com/T3L2o2dtJR
— Santiment (@santimentfeed) September 18, 2024
Altcoins are showing signs of a breakout following the US Fed’s decision to cut interest rates by 50bps. Fantom (+11%) and Sui (+8%) are notable assets seeing mini surges.
With the ongoing economic shift, which will mostly favor the crypto industry in the coming quarters, market intelligence platform Santiment revealed that whale traders have significantly increased their on-chain activity.
The altcoins with the top whale activity in the past 24 hours include Origin Token (OGN), Stargate Finance (STG), Pixels (PIXEL), Big Time (BIGTIME), GALA, and GMX.
Fantom (FTM)
As the Fantom network prepares to migrate its operation to Sonic Labs, its web3 activities have continued to rise. According to the latest market data, the Fantom network had about $102 million in total value locked and over $339 million in stablecoins market cap.
In the past 24 hours, FTM price surged over 12 percent to trade about 65 cents on Thursday during the early Asian session. As a result, the FTM price rallied above the crucial resistance level of around 53 cents, which coincided with the 50 weekly Moving Average (MA).
Sui (SUI)
Sui (SUI) network, a fast-growing layer one blockchain with a vibrant web3 ecosystem, has registered palpable gains in the past few days. The mid-cap altcoin, with a fully diluted valuation of about $13.8 billion, has pumped over 72 percent in the past two weeks.
In the past 24 hours, SUI price surged over 13 percent to trade at about $1.37 on Thursday during the early Asian session.
Sui’s bullish sentiment is bolstered by its vast web3 ecosystem, which has about $797 million in total value locked and over $366 million in stablecoins market cap. On Wednesday, stablecoin issuer Circle announced plans to bridge its USDC to the Sui network soon.
