Altcoins
Crypto Whales’ Top Altcoin Picks for Week 4 of July 2024
As we observe the cryptocurrency market momentum turning bullish, whales have acquired Arbitrum, XRP, and Ondo. There is a significant buying volume that, if continued, could cause these cryptocurrencies to fail in the expected altcoin season.
Whales choose Arbitrum despite crisis
It is surprising that Arbitrum is on the list of whales’ favorite cryptocurrencies. This could be the impact of the Ethereum ETF, as Arbitrum is Ethereum’s layer 2 blockchain.
At the time of writing, ARB price is $0.7204 with a 24-hour growth of 3.18%. However, this is just a guess as ARB’s YTD performance is down almost 58%.
THE ARB The collective coin forecasts do not represent a good run, but whales have shown huge interest in this altcoin. Data from IntoTheBlock reveals an 870% increase in the last 7 days in the net flow of large holders.
This metric shows the difference between inflows and outflows of large holders. A result in the positive range indicates that inflows are greater than outflows. It also means that investors are not selling the asset and accumulation has increased.
It is surprising to see that Arbitrum, under these conditions, appears on this radar. The ETH ETF must have triggered the idea of investing in projects related to the Ethereum blockchain.
Ripple defies all odds
Ripple and XRP’s performance over the past few weeks has been impressive, with the asset up 25.4% over the past 30 days and 7% over the past 7 days.
A recent report from Santiment reveals that the number of addresses holding between 100 million and 1 billion XRP tokens has increased since July 13, with the price also increasing compared to the same day.
The increase in whale confidence has made XRP outperformed BTC and ETH in the recent session and XRP price was pushed back to $0.60 today.
If the acquisition goes ahead, the SEC will no longer raise any obstacles and market conditions will favor the asset, which will reach new highs in the coming sessions.
ONDO hits $1 as whales repeat accumulation
Nearly 2 months ago, ONDO recorded its all-time high at $1.42, but the trend held back to create lower lows and drop 32%. Whales seem to see this as an opportunity to buy the dip.
Over the past month, the asset has seen an increase in institutional interactions and accumulation.
According to data from IntoTheBlock, there has been a 1468% growth in the flow of large ONDO holders over the last seven days.
It was revealed that addresses holding between 0.1% and 1% of the total in circulation added more to their wallets.
If this activity is further appreciated, ONDO price could break through its ultimate resistance at $1.42.