Altcoin
Whales brace for altcoin boom as buy orders surge
- Whale limit buy orders for altcoins are rising, creating strong buy walls.
- Analysts predict significant altcoin gains in August and September 2024.
In a tweet, Ki Young Ju, CEO of CryptoQuant, revealed that whales are preparing for the next altcoin rally. Limit buy order volume for altcoins except Bitcoin and Ethereum is increasing, indicating that significant buy walls are forming.
This surge in limit buy orders indicates that large investors are preparing for a significant move in the altcoin market.
See more
Whales are preparing for the next altcoin rally.
Limits the volume of buy orders for altcoins, excluding #Bitcoin AND #Ethereumis increasing, which indicates that strong barriers to purchase are being created. photo.twitter.com/aOe3TxwVWE
— Ki Young Ju (@ki_young_ju) July 31, 2024
FYI, market orders generate “taker volume” while limit orders generate “quote volume”. Whales and institutions, such as market makers and brokerage firms, typically use limit orders for large trades to avoid slippage.
The indicator is generated by adding the difference between the buying and selling volumes of the quote over a period of one year. If there is an upward trend, it suggests that the buying volume of the quote is increasing, signaling stronger buying barriers. This is an important indicator for determining the market mood and behavior of significant investors.
Changes in Market Dynamics and Bullish Forecast for Altcoins
Meanwhile, Bitcoin’s dominance in the cryptocurrency market has reached a three-year high of over 55%, with Ethereum (ETH), the world’s largest altcoin, holding a 16.6% share. This shift in market dynamics demonstrates Bitcoin’s growing importance, even as interest in altcoins continues to grow.
Previously, CNF highlighted analysis by famous cryptocurrency analyst Javon Marks, who predicted the creation of a Bull Flag on the total value of altcoins, excluding BTC and ETH, known as TOTAL3, indicating the possibility of a new all-time high (ATH).
According to Marks, this trend could lead to a “massive continuation” and push prices to new all-time highs. Echoing similar strong sentiments, analyst Captain Faibik expected a significant rally for TOTAL3, comparable to its performance in Q1 2024, while advising patience and accumulation.
As we have already said before reportedFaibik predicts that August and September will be exceptional months for altcoins, implying that the market is poised for another spectacular boom phase.
No spam, no lies, just insights. You can unsubscribe at any time.