Bitcoin
Crypto Whale Accumulation Signals Big Altcoin Season on the Horizon
Over the past few days, the crypto market has been busier than ever, with investors scrambling to ride the next wave. Bitcoin (BTC) made a trek above $70,000 on Monday but is now clinging to a precarious position above $68,000 during Asian trading.
But wait, there’s more! Altcoins are moving and even meme coins are on fire. Is this a sign of a big change? Dive deeper to find out!
Meme Coins Glow
While Bitcoin gained prominence, other digital currencies, led by Ethereum (ETH), suffered a slight drop the previous day. But amidst this, there has been a frenzy of speculation around meme coins like Pepe (PEPE), Bonk (BONK), dogwifhat (WIF) and Floki Inu (FLOKI), all showing positive signs recently.
These meme coins are making waves in the crypto world, grabbing attention with their recent performance.
BTC Dominance Drops
After much anticipation, Bitcoin’s dominance in the market appears to be fading, signaling what experts call “macro peak season”. This shift suggests that more money is flowing into alternative cryptocurrencies.
Ethereum is on a winning streak, overtaking Bitcoin in recent weeks. This increase comes after the approval of spot Ether ETFs in the United States and Hong Kong, increasing investor confidence.
Furthermore, the ETH/BTC pair is currently testing upper limits, indicating a possible uptrend for Ethereum.
Changes in portfolio dynamics
According to an analysis of on-chain data provided by Santiment, Bitcoin whales, with wallet balances between 10,000 and 10,000 BTC, have declined over the past two months. Similarly, Bitcoin transactions valued at at least $100,000 have decreased significantly over the past two months.
On the other hand, Ethereum wallets with at least 10,000 Ether have added almost 22 million ETH units in the last 14 months. Similar behavior was observed with XRP wallets containing at least 10 million units, as they added 3.17 billion units in the last 16 months.
Also check out: Crypto Wallet Linked to Donald Trump Reaches Value of $10 Million
Could this be the start of the long-awaited high season? Only time will tell.