During the recent period, the digital currency market witnessed a sudden increase with Bitcoin [BTC] reaching a new all-time high of $81k. This surge led to a ripple effect, with most alternative coins also registering notable gains on price graphs and a significant growth in on-chain operations.
Among these alternative coins was the AI-focused Artificial Superintelligence Alliance [FET], which witnessed remarkable growth. One area where FET saw such expansion was in the number of active addresses and substantial transactions.
Boost in FET’s Significant Transactions and Active Addresses
An assessment conducted by CryptoCrypto on IntoTheBlock data revealed that FET encountered a surge in extensive transactions. The altcoin experienced a 172.7% rise in large transactions, increasing from 33 to 90 over the past 24 hours.
To elaborate, large transactions refer to those valued at $100k or higher. This increase indicated that major holders and significant investors were actively involved in transactions with the altcoin, suggesting heightened demand, engagement, and acceptance.
Additionally, the interest in the AI-themed coin was further demonstrated by the significant surge in active addresses, climbing by 142.4% over the past week and 44.02% within the last 24 hours.
When both active addresses and significant transactions witness such growth, it indicates that the current price surge is being fueled by solid market fundamentals, showcasing an upward trend backed by real market activity rather than mere speculation.
The positive momentum mentioned above was reinforced by a favorable increase in large holders’ netflow, indicating a higher number of substantial holders accumulating the altcoin rather than selling it off.
Effects on Price Graphs?
As indicated earlier, FET was establishing a potent upwards trajectory supported by significant holders and other individual traders. Currently, FET is trading at $1.50, reflecting a 1.20% rise in the past 24 hours.
Furthermore, the altcoin has witnessed a 32.68% surge in the last seven days, with this bullish trend extending by 3.78% on a monthly basis.
The recent surge suggests that the spike in whale activities and active addresses has directly impacted FET’s price graphs. Consequently, these developments position the altcoin for further advancements on price charts.
Hence, if this positive market sentiment continues, FET might endeavor to breach the $1.7 resistance level, where it has previously encountered multiple rejections.