New on-chain data shows that whales are rapidly accumulating 3 altcoin projects. Whales are particularly interested in Binance tokens. Santiment’s current analysis is as follows…
Santimen report: Whales are after these 3 altcoin projects
Its analytics platform reported increased whale activity in Litecoin (LTC) and Binance tokens. According to Santiment, investors should watch out for LTC, Binance Coin (BNB), and BUSD. Because transactions exceeding $1 million involving these cryptocurrencies are on the rise. Company analysts interpret the whales’ behavior as follows:
Litecoin whale transactions were much higher than normal in the second half of December. Additionally, Binance’s native tokens BNB and BUSD are seeing high gains of over $1M in their respective transactions. Keep these cryptocurrencies on your radar.
Binance Coin is currently trading around $240. Meanwhile, Litecoin is hovering above $65. Santiment also says that news events play an important role in influencing the direction of the crypto market in 2022.
Binance news had a direct impact on the market
According to its analytics platform, crypto prices are likely to rebound after fear, uncertainty, and suspicion (FUD) revolving around the COVID-19 pandemic, Federal Reserve interest rate hikes, the Russia-Ukraine war, and the multi-billion dollar collapse of FTX. Company analysts say the following in annual analysis:
2022 has been the most prominent year for the crypto markets to be affected by the news. As the year draws to a close, investors are watching news of COVID-19, FTX and Sam Bankman-Fried, interest rates and the Russia-Ukraine War. As the FUD on these four issues eases, prices are likely to rise.
How about Bitcoin?
Whale accumulation is the driving force of a rise in the price of a crypto. However, the current backlog of whales has remained incomplete for BTC. According to on-chain analyst Dan Lim, in the current bear market, there is a correlation between large movements in the market and increased BTC deposits on exchanges to protect the investments of the top 10 whales.
Lim noted that this could be a sign of capitulation due to macroeconomic factors or a temporary capitulation to market conditions.
Whales’ reluctance to trade BTC over the past few months has been confirmed by Santiment’s recent data, which showed BTC whale transactions exceeding $100,000 and $1 million on Dec. 27 to hit their lowest levels since 2019 and 2020, respectively.
? #Bitcoin's ranging prices have a lot to do with declining whale interest. This chart illustrates how closely $BTC and $1M+ valued whale transactions correlate. If prices continue sliding and a spike occurs, this would be a historically #bullish signal. https://t.co/nDZj3eicRD pic.twitter.com/t7GFIKNpax
— Santiment (@santimentfeed) December 28, 2022
Finally, the balance volume of the leading crypto was determined as -883,026. When a crypto’s OBV drops to a negative value, it is a bearish signal that indicates a decrease in the accumulation volume. Therefore, the possibility of further price declines should not be ruled out. cryptocoin.comAs you follow, BTC is trading at $ 18,500 at this time.
