Altcoins
Crypto Whale Accumulation Signals Major Altcoin Season on the Horizon
The cryptocurrency sector has seen increased volatility in recent days as investors position their portfolios for maximum gain. Bitcoin (BTC) briefly rebounded above $70,000 on Monday before quickly falling back below $68,000 on Tuesday in early Asian trading.
While most altcoins led by Ethereum (ETH) has slipped over the past 24 hours as speculation in the meme coin industry has intensified.
According to the latest crypto oracles, coin projects such as Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), and Floki Inu (FLOKI) have seen positive results in recent days.
Altcoin season at your fingertips
After months of speculation and anticipation, Bitcoin’s dominance has ushered in a new macro season. From a technical perspective, Bitcoin dominance closed below the macro uptrend last week, signaling increased cryptocurrency rotation in the altcoin industry.
Moreover, The price of Ethereum has risen more than that of Bitcoin in recent weeks following the recent approval of spot Ether ETFs in the United States and Hong Kong.
Additionally, the ETH/BTC pair is retesting the upper boundary of a falling macro channel, which could lead to further upside.
Response from crypto-whales
According to an analysis of on-chain data provided by Santiment, Bitcoin whales, with wallet balances between 10,000 and 10,000 BTC, have declined over the past two months. Likewise, Bitcoin transactions worth at least $100,000 have declined significantly over the past two months.
On the other hand, Ethereum wallets holding at least 10,000 Ether have added almost 22 million ETH units over the past 14 months. Similar behavior has been observed with XRP wallets, which have at least 10 million units in the recent past. Specifically, XRP wallets with at least 10 million units added 3.17 billion units over the past 16 months.
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