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The recent interest rate cuts by the Federal Reserve have triggered a surge in whale activity for key altcoins like Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT), according to Santiment, a leading market intelligence platform. Over the past day and a half, these altcoins have seen a significant rise in transactions made by large holders, which indicates growing confidence in their potential.
Whale Activity Indicates Optimism
Santiment’s report highlights that the uptick in whale transactions could indicate strong confidence in these altcoins’ future performance. This suggests that large investors believe these altcoins could perform well, especially following the Federal Reserve’s decision to lower interest rates.
🐳 Fantom, Immutable X, and Basic Attention Token all have had major spikes in whale activity over the past day and a half following the Fed's interest rate cuts.
— Santiment (@santimentfeed) September 20, 2024
This suggests that these altcoins can thrive, with the assumption Bitcoin and crypto markets continue their growth. pic.twitter.com/Q7onpxdVPI
Meanwhile, after going through a short period of bearish pressure, Fantom (FTM) has bounced back strongly as the market recovers. In the last 30 days, Fantom has surged by 60%, making investors wonder if it could soon reach the $1 mark. The price recently broke out of a key trendline and successfully retested it. Currently, FTM is trading at $0.66 with a market cap of $1.8 billion.
Immutable (IMX)
Immutable (IMX) has been facing continuous resistance from a descending trendline since March, leading to a gradual decline in price. At the time of writing, IMX is priced at $1.36, down by 1.86% in the last 24 hours.
Basic Attention Token (BAT)
Basic Attention Token (BAT) has seen impressive growth since its integration with Brave Browser’s private ad platform. Currently, BAT is trading at $0.1867, reflecting a 3.8% rise, with a market cap of $279 million.
Fed’s Rate Cut Boosts Altcoins Market
The Federal Reserve’s interest rate cuts have not only bolstered traditional financial markets but also the broader cryptocurrency market. Bitcoin and other top cryptocurrencies have shown signs of growth, with altcoins like FTM, IMX, and BAT following suit.
If Bitcoin continues its upward trend, it could pave the way for a stronger performance by these altcoins.