Having trouble deciding what to add to your portfolio? The moves of crypto whales can give an idea in this regard. Whales have been working hard on 3 cryptocurrencies lately. According to experts, whale accumulation is a good indicator. Because their big purchases affect the direction of the market. Crypto expert Lawrence Mike Woriji takes a look at three major tokens that have whales busy.
In first place is the leading altcoin Ethereum (ETH)
Ethereum whales have been busy over the past few weeks. Since starting below $1,000, Ethereum has been on a steady rise over the past few months, surpassing the $2,000 threshold. Analyst Ali Martinez’s findings suggest that major Ethereum whales are on a massive buying spree. They accumulated over 100,000 ETH last week alone. Thus, the total savings of cryptocurrency whales reached 230 million dollars.
Other technical indicators also support this speculation. According to data from CryptoQuant, the Relative Strength Index (RSI) is neutral at 52. It also shows that there is a balance between buying and selling pressure. At the time of writing, ETH was trading at $2,241, up 4.75% in the last 24 hours. This is consistent with its poor performance since last week. However, with a market cap of over $269.3 billion, Ethereum is still the second largest cryptocurrency.
Leading cryptocurrency Bitcoin (BTC) is also targeted by whales
Whales are attacking Bitcoin more than ever. Because they feel the bull market. And we know that Bitcoin always leads a new cycle. Bitcoin recently experienced a significant decline. In this process, it fell from its highest level of $44,700 recorded on December 8 to $40,555.
However, on-chain data shows that institutional investors took advantage of the price drop and purchased 13,010 BTC. This corresponds to approximately 533 million dollars. This large sum is a sign that the whales trust the market. Most experts predict that Bitcoin price will return to the $50,000 range in the short term. The presence of large institutional investors awaiting approval of the Spot ETF is a key driver behind the positive sentiment surrounding the leading cryptocurrency, Bitcoin. We predict that Bitcoin whales will continue to accumulate unless there is a significant obstacle.
Whales also show interest in Cardano (ADA)
Crypto analyst Ali Martinez states that Cardano has experienced significant growth in recent months. The analyst notes that there has been a noticeable increase in large transactions, i.e. ADA transactions exceeding $100,000, in the last three months. In addition, he argues that the increase demonstrates increased corporate and whale interest in ADA, which often precedes price increases.
It is possible that large whale transactions could lead to increases in cryptocurrency prices. Recent whale transactions on Cardano coincided with a significant increase in ADA’s market cap. According to CoinMarketCap data, Cardano’s transaction value has increased by 21.2% in the last 30 days. Moreover, ADA has witnessed a phenomenal rise of 62.53% year-to-date.
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