Bitcoin (BTC/USD) Surpasses $100,000 mark, Triggering a Bullish Signal for Altcoins

The firm has observed a notable increase in whale transactions for several altcoin projects, including the stablecoin Dai (DAI), issued by Maker.

Bitcoin (CRYPTO: BTC) price crossed the $100,000 mark on Monday, triggering a bullish signal for altcoins, according to a crypto analytics firm.

The firm observed a notable increase in whale transactions for several altcoin projects, including the stablecoin Dai (CRYPTO: DAI), issued by Maker.

Highlighting the surge in Dai transactions, Santiment noted that investors might soon be using these stablecoins to acquire altcoins.

"Increased activity in stablecoins often signals that substantial funds are being prepared for swaps into altcoins linked to those stablecoins’ trading pairs."

Among Altcoins With $500M+ Market Caps, These Are The Projects With The Largest Increases In Whale Transactions This Week:

1) @makerdao $DAI (BNB): +800%

2) @dexenetwork $DEXE: +250%

3) @layerzero_core $ZRO (Optimism): +200%

4) @aave $AAVE (Polygon): +200%

5) ...

pic.twitter.com/myvPNewIYB

The analytics platform provided a list of altcoins with a market cap of at least $500 million that experienced the most significant rise in whale transactions this week.

These include MakerDAO DAI on BNB with an 800% increase, DeXe Network (CRYPTO: DEXE) at 250%, and LayerZero CORE on Optimism at 200%.

"High whale activity in altcoins could lead to market volatility, as key stakeholders often make moves around profiting from market pumps or buying the dips in the market."

Moreover, XRP (CRYPTO: XRP) saw a surge in network activity, reaching a seven-year high of $3.39 with 2,365 transactions over $100,000 occurring in an eight-hour span.

"The recent surge in Bitcoin’s value is not an isolated event. In December, crypto analyst Michaël van de Poppe predicted a potential upswing in the altcoin market, following a period of stagnation."

"He identified a critical support level for Bitcoin, which has now been surpassed, indicating a shift towards an altcoin season."

Earlier, in November, van de Poppe also anticipated a significant rally for a top altcoin, Stacks (CRYPTO: STX), suggesting a 70% rally as it approached a critical resistance level.

This prediction aligns with the current market dynamics, where altcoins are gaining traction as Bitcoin’s dominance shifts.