Ethereum-based Altcoin is about to witness massive volatility, according to Blockchain Analytics Firm Santiment
Crypto analytics firm Santiment says an Ethereum (ETH)-based altcoin with one of the highest bids on exchanges will see increased price swings after trading sideways for a while.
Sentiment says The price of the initial token of automated market maker (AMM) Bancor (BNT) is rising as the token’s supply on exchanges increased by 46% from three months ago.
“Bancor’s price has risen today, jumping above $0.4556 for the first time in two weeks. As an altcoin with one of the highest levels of coins on exchanges within the top 200, there could be massive volatility erupting for BNT at any moment.”
At the time of writing, BNT is changing hands for $0.426.
As for Bitcoin (BTC), Santiment says the flagship crypto asset, currently trading at $19,173, has seen lower volatility in recent months due to a decline in large trades.
“As Bitcoin’s price action has become relatively ‘boring’ over the past four months, we see that the lack of whale presence has had a lot to do with this lower volatility. BTC transactions valued at $100,000+ and $1,000,000+ have fallen to levels recently seen in 2020.”
The analysis company says the broader crypto market is experiencing shrinking popularity amid falling token prices.
– There has been quite a lot of blood in the streets. Unless your portfolio consists mainly of BNB, XLM, QNT, MKR, HT or other scarce positive altcoins in the last 30 days, you are down. This is reflected in the shrinking pool of individuals who are still interested in cryptocurrency.”
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Featured image: Shutterstock/Mia Stendal
