According to Santiment, a leading market analytics platform, the recent interest rate cut by the Federal Reserve has fueled a surge in whale activity for three major altcoins including Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT).
Over the past day and a half, these altcoins have seen a significant increase in trading, which shows the growing confidence of investors in their potential.
Whale Activity Spikes on These Three Altcoins
Santiment’s report highlights that the recent surge in whale trading shows strong confidence in the future performance of these altcoins, especially following the Federal Reserve’s decision to cut interest rates.
Meanwhile, after experiencing a brief period of bearish pressure, Fantom (FTM) has rebounded strongly, surging 60% over the past month and is trading at $0.65.
Notably, the altcoin broke through a key trendline and successfully retested it, leading investors to believe that it could soon hit the $1 mark in the near future.
Another altcoin that has caught the attention of crypto whales, Basic Attention Token (BAT), has also seen impressive growth since its integration with Brave Browser's advertising platform. Currently, BAT is trading at $0.188, reflecting a 4.3% increase over the past 24 hours.
Notably, Immutable (IMX) is the altcoin that has seen the strongest growth after the recent trend reversal. At the time of writing, IMX is priced at $1.6, seeing a gain of more than 11.5% over the past 24 hours.
Fed Rate Cut Boosts Altcoin Market
The Federal Reserve’s interest rate cut has not only boosted the traditional financial markets but also the cryptocurrency market in general. Bitcoin and other top altcoins have shown signs of growth, with altcoins such as FTM, IMX, and BAT in particular attracting the attention of large whales. If Bitcoin continues its uptrend, this could pave the way for stronger performance from these altcoins.
