Bitcoin News Daily Official TheBitTimes.com

Crypto analytics firm Santiment says one metric is suddenly flashing bullish for altcoins as Bitcoin (BTC) reclaims $100,000. Santiment says that multiple altcoin projects are seeing a massive increase in whale transactions, including the stablecoin Dai (DAI), issued by Maker. According to Santiment, the increased buying of DAI is a bullish signal, indicating that investors are probably going to soon use the stablecoins to accumulate altcoins. “For stablecoins, increased activity is typically a good sign that large levels of funds are being prepared to be swapped for altcoins that are common with that stablecoin’s trading pair. For example, Dai (shown three times on this countdown [below]) is commonly associated with ETH-based assets.” Santiment shares a top-10 list of altcoins with a market cap of at least $500 million that are seeing the largest increase in whale transactions so far this week: “MakerDAO DAI on BNB: +800% DeXe Network D...

Certain on-chain metrics suggest that blockchain scaling solution Polygon (MATIC) could be on the verge of a price reversal, according to the crypto analytics firm Santiment. Santiment notes MATIC recently witnessed a spike in active addresses and dormant coin movement. “Polygon has been among the many networks declining since crypto’s retrace began back in March. However, a notable spike in on-chain activity may be a sign that a MATIC reversal may be brewing soon. Active addresses and dormant coin spikes are common signals preceding this.” MATIC is trading at $0.423 at time of writing. The 28th-ranked crypto asset by market cap is down more than 2% in the past 24 hours. Polygon’s on-chain activity has been spiking as the project prepares for an imminent rebrand scheduled for September 4th. The new POL token will replace MATIC as the chain’s native gas and staking asset. First proposed last July, the rebrand is part of the network’...