In-depth analysis of key on-chain data says whales are moving beyond Bitcoin (BTC) and Ethereum (ETH) for these altcoins.
Singularity leads the 2023 crypto boom
cryptocoin.com According to data, Singularity (AGIX) has increased by 722% in the last 30 days. No cryptocurrency has outperformed AGIX this year.
SingularityNET is a blockchain-powered marketplace that allows users to ‘create, share and monetize’ Artificial Intelligence (AI) services. Thanks to the prominence of the popular OpenAI chatbot ChatGPT, AI projects have caught the attention of whales and institutional investors around the world.
On-chain price data shows SingularityNET started the year outside of the top 100 cryptocurrency rankings. But massive investment by artificial intelligence whales has seen the market cap of the blockchain market skyrocket to the top 80 list. As AGIX hit the 200% YTD growth mark, the breakeven price of a cluster of three thousand wallet addresses hit a major resistance point at around $0.24.
Money In/Out Price data from IntoTheBlock shows that around Jan 14, AGIX price stalled at the $0.24 – $0.34 resistance area. There were concerns that the rally was reaching its peak. But the surge in whale activity in the form of transactions exceeding $100,000 has seen the AGIX boom kick into second gear.
How high can Singularity go this month?
At the 722% performance level, many potential investors are looking for insight into how whales are positioned for these altcoins in February. Whales are poised to push for another 30-day rally for these altcoins, according to critical on-chain data provided by Coinglass.
The Long/Short ratio, a metric that compares the volume of Open Longs to Shorts, shows whales are firing for even more bullish action in the coming month. As of February 5, the percentage ratio of bullish and bearish positions was 50.47 to 49:53 in favor of the bulls.
Open Interest data shows that blockchain-based AI and Big Data platform prominence could shift into second gear in February. Over the past seven days, AGIX Futures Open Interest has peaked at $3.6 million at the close of January. $32.65 million on Feb.
Increasing Open Interest values and whale transaction volume indicate a significant influx of new demand into AGIX markets. It’s a sign that the whales are positioned to continue the SingularityNET price increase in the coming weeks.
These altcoins are on the rise
APT has increased by 296% in the last 30 days, making it the highest performer among the top 50 cryptocurrencies by market cap. Aptos is a Layer 1 proof-of-stake (PoS) blockchain popular for its unmatched scalability of around 150,000 transactions per second (tps).
Like AGIX, APT is another altcoin that rallied in the triple digits with increased whale activity. There are several reasons why whales have piled on the APT altcoin in the past few weeks. First, the growing interest in blockchain NFTs and the recent Aptos World Tour Hackathon has sparked a chain of positive social sentiments, as demonstrated in data compiled by Santiment.
Social Dominance is a metric that measures the stake of a token in crypto-related digital media. After successful Aptos World Tour NFTs, social dominance of the Tier 1 network rose to 0.4% in a 48-hour period, resulting in a slight price increase.
How high can Aptos go?
Interest in Aptos is waning after growing nearly 300% year-to-date. The new demand rate for the APT token, expressed in Futures Open Interest as reported by Coinglass, has dropped significantly since January 25.
However, on-chain data compiled by DefiLlama shows that DeFi lending and trading protocols on the proof-of-stake network continue to attract a decent amount of locked-in liquidity, which could support volatility in the short term.
In less favorable terms, Aptos’ open position has fallen steadily over the past 14 days. According to Coinglass, although the price has only dropped from $18 to $15, open interest has dropped significantly higher since Jan. 26, with a net change of 24.7%. Likewise, the corresponding increase in APT/USD shorts opened means that whales can prepare to profit from an upcoming price correction.
APT Long/Short Ratio has taken a direction trend in the last 14 days. The ratio has remained persistently below 1 since the close of January. This indicates that the whales are poised for a major APT correction in the coming weeks.
The Phantom has been on the march since December
Phantom (FTM) is another high-performing altcoin with more than 100% returns in 2023. FTM’s strong start to the year didn’t come as a surprise to many, as on-chain data revealed that Whale trading volumes on Fantom started rising again in the Weeks of December, before the global crypto market entered the January rally.
While these altcoins remained stable until the second week of January, on-chain data provided by Santiment showed a December increase in FTM Whale Transactions. This intense whale activity set the pace for the January rally, which is now in its second month.
How high can the Phantom (FTM) go?
FTM stayed under the radar in the first week of January. However, since mid-January, the price recovery has increased steadily, reaching a market capitalization peak of $1.8 billion in 2023. An analysis of current on-chain sentiment suggests there may be room for another slight Phantom surge on Feb.
In terms of bullishness, the net flow of FTM deposits and withdrawals on top exchanges has declined significantly over the past 14 days, according to the latest data released by IntoTheBlock.
Negative currency net flow is a bullish signal. This suggests that more FTM holders are removing tokens from exchanges to hold them longer than those looking to create selling pressure on exchanges. Increasing FTM shortages in exchanges could power a mild rally in the short term.
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