The crypto market has been buzzing since the U.S. Federal Reserve decided to cut interest rates by 50bps for the first time in four years following the conclusion of the FOMC meeting. This had been expected since metrics from the CME Group FedWatch tool suggested a 61% possibility of cutting the interest rate by a half point as opposed to a 39% quarter-point hike.
Following this decision, Bitcoin, the flagship cryptocurrency surged notably, crossing the $62k mark indicating growing interest and activities among investors. Also, the total crypto market valuation increased by over 3% to $2.14 trillion. But what is more interesting is the momentum signaled by the overall altcoin market. On-chain data reveals that altcoins are primed for a breakthrough, suggesting that the âaltcoin seasonâ might be starting. Coins like Sui (SUI) and Fantom (FTM) are already taking the lead.
On-chain Data Reveals Altcoins Next to Rally
Santiment, a sophisticated market intelligence platform, reported a bullish outlook for the altcoin market following the broader crypto market surge. In its report, Santiment pointed out several altcoins that are already exhibiting bullish characteristics and are ready for an imminent rally. According to the information, Fantom (FTM), and Sui (SUI) are some of the altcoins already recording mini surges.
Additionally, Santiment noted that large traders, commonly known as whales, have already increased their activities in some altcoins, which reflects bullish signals and could be the catalyst for their rally going into the fourth quarter of 2024. These altcoins include Stargate (STG), GMX, Big Time (BIGTIME), Origin Token (OGN), GALA, and Pixels (PIXEL).
Altcoins are showing signs of a breakout following the US Fed's decision to cut 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. pic.twitter.com/T3L2o2dtJR
â Santiment (@santimentfeed) September 18, 2024
STG and GMX have seen a 3,600% and 2,300% increase respectively in their whale transactions over the last 24 hours. BIGTIME and OGN have recorded 1,360% and 1,000% in whale activities, while GALA and PIXEL noted an 800% and 750% surge respectively.
Fantom (FTM) 24-hour Reaction
Meanwhile, Fantom, a directed acyclic graph (DAG) smart contract platform, has shown a notable uptrend over the last day. The coin has surged significantly by 16.29% according to CoinMarketCap data to change hands at $0.6642. Consequently, the tokenâs price has climbed above the important resistance level of $0.53, coinciding with the 50 weekly Moving Average (MA).
It is important to note that Fantom will be upgrading to Sonic and the FTM token will be replaced by S. The S token will be used in the ecosystem for activities such as paying for transaction fees, staking, running validators, and participating in governance.
Source: CoinMarketCap Sui (SUI) Price Movement
Sui network, a rapidly growing layer 1 blockchain network with the naive token SUI, has exhibited impressive movements in the last 30 days, recording a 51% surge within this time. Moreover, the weekly overview suggests that the coin is still up by 34.72%. The growth has further spilled into its 24-hour trading, jumping by 15.14%. As a result, SUI traded at $1.38 at the time of writing.
Source: CoinMarketCap
The fast-paced growth of the Sui network is triggered by its sophisticated ecosystem. On-chain data reveals that Sui has a total value locked (TVL) of $797 million, and more than $360 million in stablecoin market cap.
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