Altcoin
The accumulation of cryptocurrencies signals a big altcoin season on the horizon
The cryptocurrency sector has seen increased volatility in recent days as investors position their portfolios for maximum gain. Bitcoin (BTC) price briefly rose above $70,000 on Monday, before quickly retracing below $68,000 on Tuesday during the early Asian session.
While most altcoins led by Ethereum (ETH) have collapsed over the past 24 hours, speculation in the meme coin sector has increased.
According to the latest crypto oracles, meme coin projects such as Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), and Floki Inu (FLOKI) have seen positive results in recent days.
Altcoin season is upon us
After months of speculation and waiting, Bitcoin’s dominance marked the beginning of the macro altseason. From a technical perspective, Bitcoin dominance closed below the macro uptrend last week, signaling increased cryptocurrency rotation in the altcoin sector.
Furthermore, the price of Ethereum has risen more than that of Bitcoin in recent weeks following the recent approval of spot Ether ETFs in the US and Hong Kong.
Furthermore, the ETH/BTC pair is retesting the upper limit of a down macro channel, which could lead to further upside.
Crypto Whales Response
According to an analysis of on-chain data provided by Santiment, Bitcoin whales, with wallet balances between 10,000 and 10,000 BTC, have declined over the past two months. Similarly, Bitcoin transactions worth $100,000 or more have dropped significantly over the past two months.
On the other hand, Ethereum wallets with at least 10,000 Ether have added nearly 22 million ETH units over the past 14 months. Similar behavior has been observed with XRP wallets, which have at least 10 million units in the recent past. Specifically, XRP wallets with at least 10 million units have added 3.17 billion units over the past 16 months.