Crypto Whales Accumulating Altcoins Amid Bitcoin’s Price Stability
Despite Bitcoin’s relatively stable price post-halving, institutional investors are turning their attention to altcoins in anticipation of a potential bull run once Bitcoin starts its ascent. Here are three altcoins that have caught the eye of crypto whales:
Cardano (ADA) Whales Increasing Accumulation
- Whales have been steadily accumulating Cardano since November 2023, with a recent surge in transactions above $100,000.
- Although this accumulation hasn’t led to a bullish price action yet, increased interest from large holders could benefit Cardano.
- Whales’ contribution to Cardano’s daily volume is significant, making their interest crucial for the altcoin’s performance.
Toncoin (TON) Enters Top Crypto Assets list
- Toncoin recently climbed up to the ninth position in the list of top cryptocurrencies, surpassing Shiba Inu and Cardano.
- Whales entered the market to capitalize on a potential rally following news of Telegram’s IPO exploration.
- Toncoin witnessed a 238% surge in price in the past two months before a cooling period brought its price down to $5.35.
Arbitrum (ARB) Whales Eyeing Profits
- Despite price corrections, Arbitrum whale holders continue to accumulate ARB, possibly to prevent further price declines.
- Anticipation of a post-halving rally and profits from the upcoming token unlock event on May 16 are driving whale accumulation.
- Whales might look to sell before the unlock to maximize profits, as the influx of tokens could impact the market negatively.
Hot Take: What to Watch For
As Bitcoin remains stable, keep an eye on altcoins favored by crypto whales for potential bullish moves. Whale activity can serve as an indicator for market sentiment and potential price movements. Stay informed and be prepared for possible market shifts based on whale accumulation patterns.
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