Ethereum-Based Altcoin That Surged 150% in a Month To Continue Rallying Amid Rising Whale Activity: Santiment
Crypto analytics platform Santiment is expressing bullishness on one Ethereum-based token that has already rallied by triple-digits.
Santiment says that the utility token of sports fan engagement platform Socios.com, Chiliz (CHZ), is set to continue rallying as whale activity surrounding it hits a five-month high.
“Chiliz has peppered its way into the top-40 crypto assets by market cap and +150% price surge in the past four weeks. Whale transactions hit the highest network amount since March 29th. Even if whales are profit taking, the CHZ rally could continue.”
Chiliz is trading at $0.245 at the time of writing, up by 12% over the last 24 hours. Turning to top digital asset Bitcoin (BTC), Santiment says that the bearish sentiment engulfing the crypto market is resulting in the flagship digital asset being sold at a loss.
According to the market intelligence firm, twice as many Bitcoin transactions are occurring at a loss than at a profit this week.
“Bitcoin has slumped since briefly jumping back above $25,000 on August 14th. As traders have turned their attention to Ethereum and altcoins, BTC transactions are mostly happening at a loss. This is the lowest ratio of profit taking we’ve seen on record.”
Bitcoin is trading at $21,302 at the time of writing.
Santiment then shines the spotlight on Ethereum (ETH). According to the analytics platform, the second-largest crypto asset by market cap is enjoying the top spot in terms of development activity over a 30-day period.
Santiment says that Ethereum is ahead of its competitors, Cardano (ADA) and Polkadot (DOT), which rank second and third respectively with regard to development activity on code repository Github.
“Ethereum now has the highest 30-day rolling average of notable development activity, according to our algorithm for tracking notable daily Github submissions.”
Ethereum is trading at $1,632 at the time of writing, a 3.4% gain on the day.
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