- Santiment revealed in an X post yesterday that LRC, FET, REN and TVK have seen their exchange supply levels increase.
- According to the post, this rise in exchange supply could lead to an uptick in volatility for the 4 cryptocurrencies.
- TVK had the highest exchange supply level, with more than 67% of the altcoin’s supply residing on exchange platforms.
The blockchain intelligence firm Santiment revealed in an X post yesterday that altcoins are continually failing to reach consensus regarding what direction their prices should move. Meanwhile, Fetch.ai (FET), Loopring (LRC), Ren (REN) and Virtua (TVK) have seen more and more of their supplies shift onto exchange platforms.
According to the firm, this increased amount of cryptocurrency making its way onto exchange platforms typically implies an increased likelihood of future volatility. With regards to the altcoins mentioned in Santiment’s post, 38.7% of REN’s supply currently resides on exchanges.
Meanwhile, LRC and FET have 27.8% and 18.6% of their respective supplies housed within exchange platforms. Most notably, 67.7% of TVK’s supply is housed in platforms instead of self-custody wallets.
At press time, CoinMarketCap data indicated that these 4 altcoins were once again unable to reach a consensus over the past 24 hours. The cryptocurrency market tracking website showed that LRC’s price was down 0.61%.
Similarly, REN’s price had dropped 1.38% throughout the past day of trading. As a result, REN was trading hands at $0.04353, while LRC was valued at $0.1751 at press time. LRC and REN also saw their daily trading volumes drop along with the decrease in their prices.
At press time, REN’s 24-hour trading volume was down 16.64%. As a result, the cryptocurrency’s volume was estimated to be $7,124,431. Meanwhile, LRC’s volume stood at around $6.293 million, which was a 28.51% decrease throughout the past day of trading.
FET, on the other hand, saw its price rise 0.99% over the past 24-hour cycle. This elevated the cryptocurrency’s price to $0.2176. Meanwhile, TVK posted the biggest 24-hour gain of the 4 altcoins highlighted by Santiment. According to CoinMarketCap, TVK was up 4.12% – boosting its price to $0.02071.
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