Merry Christmas to our crypto family! I hope you’re spending time with your loved ones and having all the fun you can. While you’re at that, don’t forget to keep your eyes on the market, because the market never sleeps.
We’ve been monitoring the market for you, and we observed that crypto whales are interested in a couple of altcoins. Whale accumulation is a good indicator. Their large purchases influence the market’s direction. Let’s explore three major tokens whales have been busy with. And why I think these tokens are trending.
1) Ethereum (ETH)
Ethereum whales have been busy over the last couple of weeks. Since beginning at less than $1,000, Ethereum has shown a steady upward trajectory over the past few months, crossing the $2,000 threshold. Findings by ali_charts on X indicate that major Ethereum whales have been on a major buying binge. Accumulating over 100,000 $ETH in the last week alone, for a total of $230 million.
Some of the largest #Ethereum whales have been on a buying spree, scooping up over 100,000 $ETH in just the past week – that's a whopping $230 million! pic.twitter.com/jWHY6MXDgs
— Ali (@ali_charts) December 16, 2023
Other technical indicators support this speculation. According to data from CryptoQuant, the Relative Strength Index (RSI) is neutral at 52, suggesting a balance between buying and selling pressure.
ETH is currently trading at $2,241, up 4.4% over the past 24 hours. This is consistent with its weak performance since last week. However, Ethereum, with a market valuation of over $269.3 billion, is still the second-biggest cryptocurrency.
2) Bitcoin (BTC)
Bitcoin is not an altcoin. But there’s massive activity there that we want you to know about. Whales are going harder on Bitcoin than ever because they sense the bull market. And we know that Bitcoin always spearheads a new cycle. Bitcoin recently faced a significant drop, moving from its high of $44,700 (recorded on December 8) to $40,555.
Whale moves: 4 transactions of 2500 Bitcoin each totalling 9600 bought on @coinbase Prime at $41025- and sent to wallet 1CiAnT – the bag is currently just sitting there. I have an alert on it and will update. pic.twitter.com/Cs6SlAk5oe
— MartyParty (@martypartymusic) December 12, 2023
However, on-chain data shows that institutional investors seized the price drop to purchase a substantial 13,010 BTC. That’s around $533 million. This large sum shows that whales are confident in the market.
Most experts predict that the price of Bitcoin will return to the $50,000 range in the short term. The presence of large corporate investors anticipating the approval of the Spot ETF is a major driving force behind the positive sentiment surrounding Bitcoin.
We anticipate Bitcoin bulls will continue to accumulate and stay interested in BTC unless there is a notable obstacle to the approval of the Spot ETF.
3) Cardano (ADA)
Crypto analyst Ali observes that Cardano has seen heavy growth in recent months. Ali noted that there has been a noticeable rise in large transactions—that is, ADA transactions exceeding $100,000—during the past three months. Adding to that, Ali claims that the increase indicates increased institutional and whale interest in ADA, which often precedes price spikes.
#Cardano | In the last three months, there's been a significant increase in $ADA transactions over $100,000, reaching new highs consistently.
This surge points to growing interest in #ADA from institutional players and whales, which is usually a precursor to price spikes. pic.twitter.com/APczM2PGxM
— Ali (@ali_charts) December 4, 2023
Large whale transactions can lead to price increases. The recent whale transactions on Cardano coincided with a notable increase in the market value of ADA. Cardano’s trade value increased by 21.2% during the last 30 days, according to CoinMarketCap data, marking an outstanding year-to-date climb of 62.53%.
Other altcoins are showing good signs. One of them is Solana. Solana doesn’t get as much credit as it should. But some are beginning to realize its worth. It should come as no surprise that traders have noticed Solana’s rising popularity, given its incredible milestones. In terms of transaction volume, Solana recently outperformed Ethereum scaling solutions like Optimism (OP) and Polygon (MATIC).
Projects associated with Solana, such as the meme coin BONK, are also enjoying impressive success. Solana’s DeFi ecosystem has also hit a new yearly high. It’s only a matter of time before this project hits the roof.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.