Crypto whales are radically changing their altcoin portfolios amid the volatile dynamics of the market. The whales, which have supported the price rally with a serious accumulation in recent weeks, are not as optimistic for Ethereum (ETH).
Whales secretly buy altcoin project, which has risen 115% this week
According to on-chain data, Ethereum (ETH)-based privacy-centric altcoin project Mask Network (MASK) is gaining support from crypto whales that conduct secret transactions. According to Lookonchain, crypto whales boosted the price of the MASK token, helping it reach their parabolic rally last week.
According to analysis by Lookonchain, “The price of MASK has increased by 44% today. This whale received 3.5 million MASK on March 17 from the address ‘0x5459’. At the same time, multiple relevant addresses, one after another, withdrew MASK from exchanges.”
Lookonchain previously reported on whales earlier this month, noting a 27% price increase for MASK in a day after massive withdrawals from crypto exchanges.
Whales flock to this altcoin network
On-chain data, more than 50 whales holding 10 million to 100 million XRP were recently added to the Ripple network. Prominent crypto analyst Ali Martinez recently called public attention to the bullish pattern, citing data from Santiment.
The Santiment chart reveals that the number of whale addresses holding XRP from 10 million to 100 million began to see a huge increase between February 21-23. Prior to this sharp increase, the number of these whale addresses was just over 116 as of February 16.
However, after the rapid rise, they peaked at 176 before seeing a slight decline. Despite the decline, these addresses are currently located at 171. This figure marks the highest value seen during this year. Also, these addresses have greatly increased their total cumulative balances in the past month. They have accumulated 420 million XRP worth $161 million within the framework of Maman. This momentum has resulted in a cumulative balance of 4.03 billion XRP worth $1.54 billion against current rates.
Meanwhile, the total number of addresses on the Ripple network has also reached 4.625 million. Total addresses crossed the 4.6 million mark on March 1. According to Messari’s data, the most 295 addresses among them currently hold at least $10 million worth of XRP. In addition, the number of addresses holding at least $1 million worth of XRP rose to 955.
$33M Ethereum (ETH) sold as the price rose
Ethereum, which is on the red side of the list, was abruptly interrupted on Saturday as a large amount of coins were transferred to Binance. Transfers that took place during the day raised concerns of a potential sell-off and caused ETH to lose a significant portion of its market value.
After a long period of consolidation, ETH broke out on March 10 and has had an impressive start since then, leading to a sharp increase in its value. The bullish move was enough to see a maximum of $1,800. However, the positive sentiment was short-lived as market data revealed that around 18,657 ETH ($33,130,425) was recently transferred to the Binance exchange, raising concern among investors.
The transaction cast doubt on the possibility of a potential sell-off and left the largest altcoin by market cap vulnerable to a drop in value.
On Friday, an anonymous wallet believed to belong to a wealthy whale made a massive transaction on Ethereum with a mere $1 transaction fee. According to data from CoinMarketCap, the impact of this transaction caused the price of Ethereum to drop by 2.53% from its previously reported value of $1,807 and was trading at $1,750 at the time of this writing.
Although the price of Ethereum has pulled back, it still has room to grow before it reaches the psychological resistance level of $2,000. Whether that will happen depends on several factors, including the macroeconomic environment and the cryptocurrency’s ability to maintain its current momentum. cryptocoin.com We have included 11 developments that should be followed this week in this article.
Altcoin bulls are waiting for the right time
If Bitcoin continues to rise above $27,000 and Ethereum bulls continue to increase the buying pressure, Ethereum could potentially resume its uptrend. Adding to the optimism, the Ethereum network has recently confirmed the official launch date of the highly anticipated Shanghai update scheduled for April 12.
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