These Altcoins Are Pushed Higher By Whales
We’re seeing a bloody crypto market today and it seems that the fall in price of BTC dragged the altcoins down as well.
Not too long ago, we were reporting that whales are accumulating Bitcoin and Ethereum but now, more news is in.
Whales are accumulating three altcoins
It’s been just revealed that whales are accumulating Aave (LEND), Ren (REN) and 0x (ZRX), according to crypto analytics firm Santiment.
Santiment utilizes a metric that examines the number of tokens held by top non-exchange owners, otherwise known as whales.
“A few weeks ago, we published an article on the three ERC-20 coins showing the largest accumulation trend by their top non-exchange holders, aka whales. Their price action since? LEND +130%, REN +120%, ZRX +10%. For better or worse, crypto is still a whale’s playground,” according to the company’s notes.
The online publication the Daily Hodl noted that Aave is an open-source and non-custodial protocol designed to enable money markets. The continue and address the other two coins, noting, “Ren provides inter-blockchain liquidity for decentralized applications. ZRX is an open protocol designed to streamline peer-to-peer transactions on the Ethereum blockchain.”
We recommend that you check out the complete notes of Santiment in order to learn more details on the issue.
Bitcoin’s success could spell trouble for the economy
In other news, we recently reported that Bitcoin’s success could mean less great news for the economy.
The success of Bitcoin is viewed as financial doomsday insurance by a 43-year-old billionaire, venture capitalist and chairman of spaceflight company Virgin Galactic, Chamath Palihapitiya.
Among other things, he said that investors should place 1% into Bitcoin.
Also, we revealed that we’re in the fifth week of low-volatility, and this is quite similar to when Bitcoin rallied by more than $2,000 back in October 2018.
At the moment of writing this article, Bitcoin is trading in the green and the king coin is priced at $9,026.15.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.