Amid a highly dynamic market in light of the recent US FOMC, 6 altcoins are facing the imminent risk of a price fall. On Thursday, data by Santiment indicated that WLD, MOVE, MKR, stETH, OM, and RSR deposits to crypto exchanges rose substantially, sparking concerns among traders and investors across the crypto market.
According to an X post by Santiment on January 30, the movement of altcoins to exchanges has risen substantially amid the broader crypto market’s recent sideways trading. Leading the pack among these tokens are WLD, MOVE, MKR, OM, stETH, and RSR.
As per Santiment’s data, 0.21% of Worldcoin’s supply was recorded to have been dumped to Bybit. Further, 0.20% of staked Ethereum’s supply was moved to the same crypto exchange.
Additionally, 0.20% of Mantra’s supply and 0.14% of Reserve Rights’ supply were recorded to have been shifted to Binance. The tokens Maker and Movement noted 0.12% and 0.08% of their supply to Coinbase and KuCoin, respectively.
Altogether, the rising exchange supply remains poised to negatively impact the mentioned altcoins’ market dynamics, per the law of supply and demand.
As of press time, WLD price witnessed a 2% jump intraday and is trading at $1.78. Whereas, OM price surged by 4% and exchanged hands at $4.76.
stETH price witnessed a gain of slightly over 1% to $3,180 today. Also, RSR price gained by nearly 3% to reach $0.0132. However, MOVE price slipped by 1.5% and is currently sitting at $0.8109. MKR followed, dropping 1% to $1,126.
The altcoins remain much-eyed by traders and investors, awaiting potential price volatility ahead in the wake of rising exchange supply. While the crypto market rebounded, traders are awaiting other factors that could cause crypto market crash.
Nevertheless, despite the U.S. Federal Reserve announcing unchanged interest rates this FOMC, the crypto prices today have shown signs of recovery. BTC price traded near the $105K level, whereas leading altcoins mirrored a rising action.
In line with this broader trend, the intraday price action for most of the mentioned tokens is also rising. Yet, long-term prospects over the coins’ price remain uncertain, given the massive exchange deposits also signal a loss of market confidence in these assets.
Besides, it’s also worth mentioning that Donald Trump’s World Liberty recently purchased 2.4 million Movement (MOVE) tokens, per Lookonchain on X. This trade maneuver has further echoed a market buzz for the token.
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