Altcoins
It is Ethereum Altcoins that show great interest in whales
Here are the Ethereum-based altcoins currently seeing strong whale activity, according to on-chain data.
These Ethereum Altcoins Are Currently Experiencing High Whale Transactions
In a new job On X, on-chain analytics firm Santiment explained how several Ethereum-based altcoins have recently seen notable whale activity.
The relevance indicator here is the “number of whale transactions“, which keeps track of the total number of transfers made on the network for a given cryptocurrency valued at $100,000 or more.
Generally, only the whales are capable of moving such large sums in a single transaction, so it is assumed that transfers of such value involve these enormous entities.
When the value of this metric is high, it means that whales are currently making a large number of movements on the network. Such a trend implies that these large investors currently have great interest in the asset.
On the other hand, the low values suggest that the cryptocurrency might have a lack of interest in whales, as there are virtually no large transactions happening on-chain.
Now here is a chart that shows the trend in whale transaction counts for a few different Ethereum-based altcoins over the past few months:
The value of the metric seems to have been high for all of these assets recently | Source: Santiment on X
As the chart above shows, the number of whale transactions has recently seen a sharp increase for these five altcoins: Fantom (FTM), Fetch.ai (FET), Render (RNDR), 0x Protocol (ZRX), and Reserve Rights (RSR). ).
“Ethereum market value reaches $3,920 and the price ratio of the #2 ranked market to Bitcoin is +9.5% over the last 3 days,” notes Santiment. “When this type of reversal in price dominance occurs, we often see profits redistribute quickly and whales become very active in ERC20-based altcoins.”
The alts in question here have all recently seen at least three-month highs in their whale activity. From the chart, it is visible that Fetch.ai observed the largest increase in these assets.
Render leads in second place, while Fantom follows him in third. The prices of these three altcoins have seen rapid increases, with FTM emerging as the winner so far, with over 67% profit over the past week.
So, it would appear that recent whale activity likely corresponds to buying pressure on these alts. It should be noted, however, that even if the number of whale trades remains high in the near future, this does not necessarily have to lead to a bullish outcome.
The indicator simply counts the number of whale-sized transactions and contains no information on whether they are made for buying or selling purposes.
All that the number of whale transactions can say about these altcoins is that if whale activity remains high, their prices would be likely to see a rise. volatile actionbut its direction could go one way or the other.
ETH Price
Ethereum has managed to outperform Bitcoin over the past week, with the second-largest coin seeing an increase of around 15%, which has now taken its price beyond the $3,900 level.
Looks like the price of the coin has been going up in recent days | Source: ETHUSD on TradingView
Featured image of Yilei (Jerry) Bao on Unsplash.com, Santiment.net, chart by TradingView.com