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The FED, which last cut interest rates in 2020, cut interest rates for the first time yesterday after a 4-year break. The FED, which made a 50 basis point cut, also moved Bitcoin and altcoins.
While Bitcoin rose above $62,000, there were also increases in altcoins. However, some altcoins positively diverged from the market with their increases and increased whale activity.
At this point, Santiment listed the altcoins that stood out after the FED's interest rate decision. Santiment listed six altcoins that experienced a notable increase in whale transactions and stated that these were “Stargate (STG), GMX, Big Time (BIGTIME), Origin Token (OGN), GALA and Pixels (PIXEL)”.
Increases in whale transactions are often interpreted as a sign that a rally is imminent.
Santiment also highlighted a few altcoins that are already trending upwards and are ready for an imminent rally. According to Santiment, Fantom (FTM) and Sui (SUI) are some of the altcoins that have shown bullish signals.
“Following the US Federal Reserve’s decision to cut interest rates by 50 basis points, altcoins are showing bullish signals. Fantom (+11%) and Sui (+8%) are the notable assets seeing mini-increases.
Meanwhile, assets with increasing whale trading numbers include: STG, GMX, BIGTIME, OGN, GALA, and PIXEL.”
📈 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
*This is not investment advice.