The cryptocurrency market has taken an unexpected turn in the week, not the least after the Ukraine invasion.
Volatility is higher than usual and quite a few aggressive whale buyers are luring to grab some long term cryptocurrencies that they probably think might appreciate in value.
The general crypto trade volumes have skyrocketed by 40%, indicating a change in the market and investors’ urge to buy crypto. During the significant shift in the cryptocurrency markets this week, Bitcoin’s (BTC) price jumped above $42,000. After hitting rock bottom recently, Meme coins supported the BTC trend reversal with a solid price activity as the total crypto market cap hit $2 trillion again. Below is a comprehensive Crypto Lists analysis of the recent price trends and the current buying patterns of the most aggressive crypto whales.
There is significant speculation that the current BTCs move comes from crypto whales that hold more than 1000 BTC. According to Whalemap, an on-chain data platform, senior investors have accumulated a price range of $36,000 and $38,000, citing profound market confidence. Additionally, to catch up with the BTCs price action, Altcoins’ demand has increased, leading to higher costs.
Bitcoin was down at 34 500 USD, before becoming bullish again and reaching around 38 400 USD following a three-month-long sloping downtrend since November last year. As its trading volumes grew in the beginning of February 4th, BTC put together significant energy to shatter several resistances at $38,200 and $40,700 in one day.
Ethereum Whales Operations
Shiba Inu coin is ranked the 13th most significant currency in market capitalisation in the crypto list. Among the top 20 digital currencies, SHIB has highly benefited as it raked in 54% in a single week with whale activity and ongoing coin burns. The crypto community and hype behind SHIB and other Altcoins have driven their value since they do not have utility and sound fundamentals. According to data from Etherscan, the top 1,000 crypto whale wallets have been accumulating Shiba Inu during the recent price correction. Etherscan is a platform that tracks transaction data on the Ethereum blockchain.
A possible reason why Ethereum whales are buying SHIB is that some think that this digital asset has had an attractive price for a while. In October, an Ethereum whale bought 277 billion SHIB coins. Also, there are expectations that SHIB will be widely adopted shortly; hence deep-pocketed investors have started building an interest in the coin. The crypto community predicts that the price of SHIB will rise significantly. Crypto whales are also investing in Shiba Inu as they anticipate the coin’s metaverse launch, currently being worked on by developers. Shiba Inu and other meme coins are gaining popularity but investors should do their research before investing significant amounts of funds as the coins can lose value quickly if the market takes a downward trajectory.
Other stats over whales state that those big buyers currently have their eyes on FFT Token, the token for the FTX platform. This token is a top favourite for many Ethereum whales. Several major Ethereum purchases have shown bullish trends towards the digital asset as they accumulate the token. FTX has gradually taken SHIB’s place, and its rank on the crypto list for the most significant number of tokens held by Ethereum whales has gone up. The whale addresses that have between 10,000 and 1 million ETH in their accounts have diversified their portfolios into other Altcoins.
Short Term Viewpoint for BTC and ETH
The crypto market faces instant shifts; thus, investors are moving cautiously. Bitcoin and Ethereum have the most aggressive crypto whales. Positive developments, such as accounting giant KPMG adding Bitcoin and Ethereum to its balance sheet, have amplified the recent price movements.
ETH is currently trading near $3,070, up by 10% in the past ten days after getting rejected at $2800. However, ETH broke the resistance and downtrend near $2,700. BTC will undergo a brief correction in the coming days since it recovered from lows of $32,900 before it attempts to break out to the $45,000 category. ETH is expected to mimic BTC price action soon.
Various reasons may entice a crypto whale to invest heavily in other coins. These reasons include a profound expectation that the token will be widely adopted shortly, an attractive price or a metaverse opportunity. The most aggressive crypto whales are on the top of the crypto lists in terms of market capitalisation, and they are currently buying Bitcoin and Ethereum along with FTT token and SHIB.