Ethereum-Based Altcoin Witnesses Largest Spike in Whale Activity in Nearly 18 Months: Analytics Firm Santiment

Crypto insights firm Santiment says that one Ethereum-based altcoin just experienced its largest surge in whale activity in almost a year and a half.

According to Santiment, interoperability blockchain Quant (QNT) had 187 six-figure transactions on January 7th, the most since September of 2021.

“After its modest +10% price spike after its last whale activity spike on Dec. 30th, Quant has now shown a much larger amount of whale transactions on its network today. There are 187 QNT transactions valued at $100,000+ today, its largest in 16 months.”

The Quant Network, powered by QNT, is a protocol that aims to build connections between blockchains and provide real-world solutions that lower costs, enable new business and mitigate risk.

QNT printed a green candle last week, putting in over 10% gains as the Ethereum-based token rallied from $105 on January 4th to $116 at time of writing.

Santiment also says that while crypto markets are slowly recovering as 2023 unfolds, they remain tightly correlated to the equities market. According to the firm, a break of the link between the two markets would be positive for Bitcoin (BTC).

“Crypto markets are continuing their steady 2023 recoveries, especially Ethereum & altcoins. After some separation between the SP500 & Bitcoin following the FTX implosion, the two remain very correlated. A correlation break would be good for BTC.”

At time of writing, Bitcoin is trading at $17,187.

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Featured Image: Shutterstock/Ziema/Pooh Yuphayao