The post Bitcoin Whales Drive Altcoin Market FOMO, Santiment Warns Of Macroeconomic Risks appeared first on Coinpedia Fintech News

The crypto market has seen its highest gains in the past week since the start of the 2022 bear market, led by Bitcoin’s price reaching above $21,000. 

However, on-chain analytics firm Santiment has observed that traders are behaving as if the market has reached its peak. Furthermore, Santiment has noted that Bitcoin’s profit transaction ratio is currently at its highest level since February 2021, suggesting that a potential reversal may lead to a general correction in the crypto market in the coming weeks.

It has been reported that the influx of Bitcoin whales – 416 more BTC addresses holding between 100 to 1,000 BTC in the past eight weeks alone – has given the altcoin market the confidence to experience FOMO.