Altcoins Market Shows Signs of a Breakout as the US Fed Cuts 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.

Bitcoin’s (BTC) price crossed a crucial milestone on Thursday, reaching levels of around $62,000 for the first time since September. This news follows the Federal Reserve's announcement of a 50 basis point interest rate hike, which has drawn attention to the altcoin market in the past 24 hours.

According to on-chain data, altcoin activity has surged significantly, setting the stage for a potential crypto cash rotation into altcoins in the coming days. In addition, Bitcoin dominance is poised to reverse in the weekly time frame, further amplifying this trend.

Chain analytics firm Santiment highlighted several altcoins that have shown bullish momentum, with whale traders increasing their activity in these markets.

notable assets seeing mini surges.

Whale traders are showing strong interest in several altcoins, with Origin Token (OGN), Stargate Finance (STG), Pixels (PIXEL), Big Time (BIGTIME), GALA, and GMX seeing some of the highest whale transaction activity over the past day.

As the broader economic shift is expected to favor the crypto industry in the coming quarters, market intelligence platform Santiment revealed that whale traders have been increasing 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)

The Fantom network is preparing to migrate its operations to Sonic Labs, and its Web3 activities have continued to increase. 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% to trade around 65 cents on Thursday during the early Asian session. As a result, the FTM price rallied above the crucial resistance level of about 53 cents, which coincides with the 50 weekly Moving Average (MA).

Sui (SUI)

The Sui (SUI) network, a fast-growing layer one blockchain with a vibrant Web3 ecosystem, has seen its price rise palpably in the past few days. The mid-cap altcoin, with a fully diluted valuation of about $13.8 billion, has pumped over 72% in the past two weeks.

In the past 24 hours, SUI price surged over 13% to trade at about $1.37 on Thursday during the early Asian session.

The bullish sentiment around Sui 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.

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