While Bitcoin is struggling to break above the $31,000 resistance level, some altcoins are seeing an increase in transaction volume and prices.
According to cryptocurrency analysis company Santiment, two of the most popular altcoins right now are MATIC and BNB.
MATIC, the native token of the Polygon network, has gained 6.6% in the last two days, reaching its highest level in a month.
The price increase coincides with a major whale transaction that took place 39 hours ago. A whale deposited 3 million USDC from the Ethereum chain to Binance and pulled 3.97 million MATICs worth $2.93 million from the Polygon chain.
BNB price was down after the recent waves of FUD on Binance, but looking at the past week, BNB is trading 1.54% higher.
Santiment suggests that the shift in trading volume from Bitcoin to altcoins is a sign of profit redistribution among crypto investors.
With Bitcoin consolidating in a narrow range, investors may be looking for more opportunities and higher returns in the altcoin market. However, Santiment also warns that this trend may not last long, as Bitcoin's dominance and volatility could change at any time.
*Not investment advice.