These Two Altcoins See Strong Whale Accumulation, ETH Lags Behind
The world’s largest cryptocurrency Bitcoin (BTC) has seen some selling pressure recently moving closer to $19,000. On the other hand, a few altcoins have been showing good momentum with strong whale accumulation and address activity.
Oracle service provider Chainlink has been on the radar of big investors who have been accumulating the altcoin throughout the bear market of 2022. The LINK price has been oscillating in the price range between $6-$8 which is seen as a major accumulation zone. As per on-chain data provider Santiment,
Chainlink’s shark & whale addresses (holding 10k to 1m $LINK) have been busy accumulating during the 2022 bear market. Since March 3rd, these addresses have added 47.31M LINK to their wallets, collectively. This translates to $312.7M more invested.
Also, Chainlink’s social dominance has spiked recently showing that more and more traders are getting active in the crypto. One more altcoin seeing high whale activity over the last week is Litecoin. The Santiment report notes:
Litecoin has been quietly under the radar in 2022, but address activity & whale transactions have exploded this week. Particularly with $1m+ valued transactions on the network, the timing of these spikes happened just as $LTC began rising vs. $BTC.
ETH Address Activity on A Decline
The world’s second-largest cryptocurrency Ethereum (ETH) has been facing strong selling pressure after the Merge event. As of press time, ETH is trading at $1,238 with a market cap of $157 billion. Data from Santiment shows that Ethereum’s address activity has dropped to the lowest since June 2022. It noted:
Ethereum’s active addresses have sunk to 4-month lows with weak hands continuing to drop post-#merge, and disinterest at a high as prices have stagnated. Monday was the first day that there were less than 400k addresses on the network since June 26th.
However, the broader altcoin market is also facing selling pressure with short positions opening up significantly over the last week.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
