Crypto analytics firm Santiment is exploring the movements of Bitcoin and XRP whales, and predicts five altcoins are on the cusp of rallying.
The firm’s data shows Bitcoin whales holding 10,000 BTC or more are still accumulating the flagship cryptocurrency asset amid a deep Bitcoin correction.
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“The uber large Bitcoin whale addresses (holding 10,000+ BTC) continue to get richer and accumulate as prices range, particularly after the all-time high two weeks ago.
Around 90,000 BTC ($4.92B) has been added in total to these addresses since April 5th.”
In the past two weeks BTC has plunged nearly 15%, testing the $47,000 support level.
On-chain analyst Ali Martinez is highlighting Santiment’s data showing that XRP whales are also actively buying more, as the token hovers around $1.40.
“XRP whales have gone into a buying spree. Santiment reveals that 19 new addresses with more than 1,000,000 XRP have joined the network since April 23.
Further upward pressure could push this cryptocurrency to new yearly highs.”
Santiment is also spotlighting five altcoins that could be under the radar and ready to rally based on on-chain metrics that show increased “overall daily address activity” trend lines and declining “daily active deposits” trend lines.
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Ethereum, which is hovering around its new all-time high of $2,797, according to CoinGecko, is still showing strong bullish signals when looking at the highlighted metric.
Many new Ethereum addresses have been created lately, adds the analytics firm, helping propel the asset to new heights.
The lowest market cap asset that Santiment spotlights based on its daily active deposits and address activity trendlines is search engine tool Brave Browser’s Basic Attention Token (BAT).
The other three are: decentralized finance (DeFi) asset Maker (MKR), gaming token Enjin (ENJ) and virtual reality project Decentraland (MANA).
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2021/04/30/bitcoin-and-xrp-whales-are-in-buy-mode-five-altcoins-appear-ready-to-rally-santiment/
