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- Altcoins like Solana (SOL), Stellar (XLM) and others have been giving mini-breakouts with whales making mass movements last week.
- Bitcoin Cash and Litecoin rallies have stormed the altcoin market with 200% and 50% gains respectively.
While Bitcoin (BTC) was leading the broader crypto market rally throughout the month of June, some altcoins have been catching up fast. Solana (SOL), Arbitrum (ARB), Monero (XMR), and Stellar (XLM) are experiencing positive effects from the redistribution of profits resulting from Bitcoin’s recent surge.
Additionally, the excitement surrounding the recent applications for spot Bitcoin exchange-traded funds (ETFs) is also contributing to the success of these cryptocurrencies, particularly XRP rival Stellar (XLM). These altcoins have given mini breakouts raising hope among investors about the future rally. On-chain data provider Santiment reports:
As Bitcoin continues its week-long ranging between the $29,000 and $31,000 level, altcoins are showing signs of benefiting from the profit redistributions from BTC’s pump. With ETFs creating more trader exposure, trader optimism is beginning to emerge.
Courtesy: Santiment
On Friday, June 30, Solana’s price skyrocketed, witnessing remarkable gains and nearly reaching $20. The token, known for its competitive smart contracts, is currently trading at $18.90, marking an 18% increase in value over the past 24 hours. However, Solana is witnessing a partial retracement and is currently trading at $18.44 with a market cap of $7.3 billion.
On the other hand, the data from Santiment notes that whales have been moving a massive number of altcoins last week. The data provider reported:
With #altcoins becoming significantly more volatile this past week, @santimentfeed data indicates that several assets have seen major transfers worth $10M+ today, easily making it a top 3 highest whale movement day of the year. Keep an eye on $MATIC, $CHZ, $CRV, & even $USDT.
Top-Performing altcoins – Bitcoin Cash and Litecoin
Bitcoin Cash (BCH) experienced a significant surge on Friday, surging by 30% and surpassing the $300 mark. At present, BCH is trading at $295, with a market capitalization exceeding $6 billion, making it the 14th largest cryptocurrency in the market.
The surge in BCH price can be attributed to the recent introduction of the EDX Markets crypto exchange on June 20. Backed by prominent institutional players such as Fidelity and Citadel, EDX Markets has listed BCH, along with three other cryptocurrencies.
This development has generated confidence among analysts that BCH will be recognized as a commodity rather than a security. With the Securities and Exchange Commission’s scrutiny of the digital assets industry, concerns have emerged regarding altcoins being classified as securities. However, the listing of Bitcoin Cash (BCH) on EDX Markets is seen as a positive signal, suggesting that it may not face regulatory challenges from the SEC, thus driving its price surge.
Another altcoin that’s making strong moves is Litecoin (LTC). With Litecoin halving less than 2 months away from now, At press time, LTC price is trading 7.57% up at a price of $110 and as the ninth-largest cryptocurrency with a market cap of over $8 billion.
⚡ #Litecoin is under 5 weeks away from its #halving, taking place on August 3rd. Prices have suddenly soared for $LTC, blasting off for a +26% in just over a day. Watch for mainstream #FOMO, as this usually foreshadows local tops until crowds calm down. https://t.co/KljBpjVy3C pic.twitter.com/7kDqEpyZjz
— Santiment (@santimentfeed) July 1, 2023
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