As Bitcoin's (BTC) price crossed the crucial milestone of around $62k for the first time in September, following high-impact news from the Federal Reserve, attention on the altcoin market significantly increased. In the past 24 hours, altcoin activity has significantly increased, related to the expected new round of cryptocurrency growth.
Altcoin Activity Surge
With the Fed starting its quantitative easing measures, a new macroeconomic uptrend typically begins. With high expectations of a new cryptocurrency bull run set to kickoff in the fourth quarter, on-chain data shows a significant increase in altcoin activity. Furthermore, Bitcoin dominance is expected to reverse in the weekly timeframe and accelerate the crypto cash rotation to altcoins, triggering the next major altseason.
Fantom (FTM)
As the Fantom network prepares to migrate its operation to Sonic Labs, its web3 activities have continued to rise. According to the latest market data, the Fantom network has about $102 million in total value locked and over $339 million in stablecoin market cap. In the past 24 hours, FTM price surged over 12 percent to trade at about 65 cents on Thursday during the early Asian session. As a result, the FTM price rallied above the crucial resistance level of around 53 cents, which coincided with the 50 weekly moving average (MA).
Sui (SUI)
The Sui (SUI) network, a fast-growing layer one blockchain with a vibrant web3 ecosystem, has registered palpable gains in the past few days. The mid-cap altcoin, with a fully diluted valuation of about $13.8 billion, has pumped over 72 percent in the past two weeks. In the past 24 hours, SUI price surged over 13 percent to trade at about $1.37 on Thursday during the early Asian session. Sui’s bullish sentiment is bolstered by its vast web3 ecosystem, which has about $797 million in total value locked and over $366 million in stablecoin market cap. On Wednesday, stablecoin issuer Circle announced plans to bridge its USDC to the Sui network soon.
Given the ongoing economic shift favoring the crypto industry in the coming quarters, analytical platforms note a significant increase in whale activity on the market. These factors may serve as a catalyst for a new wave of altcoin growth.
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