The Current State of Cryptocurrency Market
With recent Bitcoin (BTC) price action crossing $70k only to retract below $68k, coupled with altcoins slipping and meme coin speculation increasing, the cryptocurrency market is seeing heightened volatility. Amidst this, meme coin projects like Bonk (BONK), Pepe (PEPE), dogwifhat (WIF), and Floki Inu (FLOKI) have shown positive outcomes.
Altcoin Season at Hand 📈
After a period of anticipation, the cryptocurrency market has witnessed a shift towards altcoins, dubbed as the beginning of an altseason. Bitcoin dominance, key in signaling market trends, closed below the macro-rising trend last week, indicating a potential rotation of crypto funds towards altcoins.
- Ethereum (ETH) has outperformed Bitcoin in recent times, especially after the approval of spot Ether ETFs in the US and Hong Kong.
- The ETH/BTC pair is currently testing the upper boundary of a descending macro channel, hinting at a possible uptrend in the near future.
Crypto Whales Response 💼
Analysis from Santiment reveals interesting trends among cryptocurrency whales in recent months, showcasing a shift in market dynamics:
- Bitcoin whales, holding 10k to 10k BTC, have decreased in number over the past couple of months.
- Bitcoin transactions worth at least $100k have also witnessed a significant decline recently.
- Contrary to Bitcoin, Ethereum wallets containing 10k ETH have seen an increase of around 22 million units in the last 14 months, signaling a bullish sentiment.
- XRP wallets with at least 10 million units have added a substantial amount, with a total influx of 3.17 billion units in the last 16 months, indicating renewed interest in the asset.
By
By
By
By
By
By