The Bitcoin and ETH whales are currently investing in three alternative altcoins. This while the main cryptocurrencies are consolidated. Such information is provided by an investigation by the Crypto Research Report.
While the major cryptocurrencies, Bitcoin on the one hand, and ETH on the other, get better position, the whales are betting on other digital currencies. These alternative cryptocurrencies belong to various DeFi. This could be a sign that the development of altcoins pushes them to chart their own path.
Consequently, these digital currencies would be Ren (REN), Aave (LEN) and Kyber Network (KNC). The aforementioned altcoins have made significant leaps in recent months according to the aforementioned investigation.
Bitcoin and ETH investments in altcoins is a good sign
According to the research carried out by Demlza Hays, the results shown on the Santiment website express an increase in the certainty of the good results of altcoins. This would explain the reason why Bitcoin and ETH whales are betting on them.
“We are pleased that the metrics show the long range of many altcoins, including the 3 we are focusing on”Hays explains. In addition, it also considers that, in the coming months, if Bitcoin and ETH continue in this stagnation modality, altcoins will have a positive development.
It should be noted that Bitcoin’s dominance in the crypto arena, while overwhelming, is not omnipotent as in years past. Currently, there are proposals for digital currencies that have better potential than Bitcoin itself. However, as the latter is the most popular, it continues to maintain its strength.
Development in the last month
Hays’ research shows that the 3 altcoins mentioned above have peaked in the range of the last month. “In the past 30 days, the balance of the top 100 whales investing in KNC has grown by $ 30.6 million.”
The researcher assures that this amount of investment shows a great feeling of optimism in the development of altcoins while Bitcoin and ETH recover. This could mean a new stage of improvement in terms of developing the new form of finance that is emerging internationally.
It should be noted that Bitcoin has been in a low volatility range for almost three months. Consequently, this relative stability is only comparable to that presented to that experienced by Bitcoin in March 2010, when it remained at 0%.
On the other hand, the price of Bitcoin has been stable between $ 9,100 and $ 9,900 since Halving on May 11. Since then, it has gone out of those price margins on sporadic occasions until returning again.
At time of writing, the price of the main cryptocurrency is at $ 9,500, the highest in the last two weeks. During these last 14 days it remained between $ 9,000 and $ 9,300.
Data to consider
- The Bitcoin and ETH whales, at the time of writing, have invested almost $ 50 million in the Altcoin KNC.
- As for the Altcoin LEND, it accumulates $ 10.1 million USD.
- The REN cryptocurrency, for its part, accumulates $ 850 thousand dollars.
- Bitcoin holds for three months with one of the lowest volatility ranges in its history, only compared to that experienced in March 2010.
The information in this content has been extracted from reliable sources detailed below:
1- Professional handling of content by the authors of CriptoTendencia.
2- External sources: Cryptoresearchnewsletter, app.santiment.net and Dailyhodl.com.