The broader cryptocurrency market has shown a solid recovery this week, reflected by a 4% increase in capitalization.
This rebound has led crypto whales to accumulate various altcoins, signaling their intent to capitalize on potential gains as market conditions improve.
MATIC has captured significant whale attention this week as token holders gear up for the upcoming migration from MATIC to POL, set for September 4. This anticipation has driven a 33% surge in MATIC’s value, making it the best-performing asset among the top 100 cryptocurrencies this week.
The double-digit rally has attracted large investors, with the number of whale addresses holding between 1,000,000 and 100,000,000 MATIC tokens climbing to a one-month high of 316.
Read more: 15 Best Polygon (MATIC) Wallets in 2024
Litecoin (LTC)
During the week in review, Litecoin (LTC) experienced a notable increase in whale accumulation. Data from IntoTheBlock reveals that the coin’s large holders’ netflow surged by 141% over the past seven days.
Large holders are defined as addresses holding over 0.1% of an asset’s circulating supply. The large holders’ netflow tracks the buying and selling activities of these wallets.
Read More: Litecoin vs. Ethereum: What’s the Difference?
When this metric rises, it signals that whales are accumulating more coins, which is a bullish indicator that often drives retail investors to follow suit. A positive spike in large holders’ netflow suggests growing optimism among major investors, indicating the potential for an upcoming rally.
At press time, LTC is trading at $64.08. If whale accumulation continues, the price could climb above $70, potentially reaching $73.87.
Ethereum (ETH)
Despite the strong resistance at the $2,700 price level, Ethereum (ETH) whales continue to increase their holdings.
As of now, ETH trades at $2,674, with its price moving within a tight range since August 9, encountering resistance at $2,715 and finding support at $2,538.
These sideways movements haven’t deterred ETH whales from accumulating more. According to Santiment, the number of whale addresses holding between 10,000 and 100,000 ETH has reached 1,008, the highest level in over a month.
Read more: How to Invest in Ethereum ETFs?
This steady accumulation suggests that large holders remain optimistic about ETH’s future, even as the asset faces key resistance levels.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/crypto-whales-altcoins-third-week-august/
2024-08-23 23:00:00
