Recent analysis suggests that crypto whales, influential investors with large holdings, are turning their attention to select altcoins such as Chainlink (LINK), Maker (MKR), and Bitcoin Cash (BCH). Chainlink's recent growth of 30% is attributed to tokenization collaboration with SWIFT, while MKR saw an uptick in large-scale transactions coinciding with the Fed's rate halt announcement. BCH has also attracted whale activity, with notable accumulation in holdings. Despite recent declines, all three altcoins have shown positive price trends over the past month.
Our analysis of the situation
Hey there, fellow crypto enthusiasts! Grab your flippers and dive into the exciting world of crypto whales as they set their sights on some altcoins that are making waves in the market. Brace yourselves for a fascinating journey into the world of LINK, MKR, and BCH, as these heavyweights capture the attention of savvy investors.
The influence of macroeconomic events on the financial markets is nothing new, and the world of cryptocurrencies is no exception. Recent hints from the US Federal Reserve about pausing rate hikes and speculations surrounding the approval of more futures exchange-traded funds in the U.S. have piqued the interest of crypto whales. Marti, a recognized voice from the Altcoin Buzz YouTube channel, delves into this intriguing phenomenon.
Chainlink's native coin, LINK, has emerged as a shining star among leading cryptocurrencies, mesmerizing the big players. With approximately 30% growth in September, LINK's rise can be attributed to several exciting developments. Chainlink's tokenization collaboration with SWIFT, the international payment rail, and a burgeoning interest in the real-world assets sector have undoubtedly fueled the fire.
Whale activities around LINK have also left observers spellbound. On-chain data reveals a significant surge in transactions, with numbers jumping from a modest 30 on September 17 to an impressive 218 by October 2. One eye-catching transaction involved the purchase of a whopping 424,443 LINK tokens, valued at around $3.25 million. Talk about making a splash!
But hold on tight, because there's more to this whale tale. Maker (MKR), another altcoin worth keeping an eye on, has witnessed a notable increase in large-scale transactions. This surge in whale activities coincided with the Federal Reserve's announcement to halt rates in September. From a mere nine transactions on September 19, MKR skyrocketed to a six-month high of 102 transactions by October 2. The whales seem to be riding the waves of opportunity with MKR.
And let's not forget about Bitcoin Cash (BCH), a crypto staple that has always made a splash. Just like its dramatic bull rally in June 2023, propelling BCH to the heights of $329, BCH has become a magnet for whale frenzy. Recent on-chain data reveals a significant accumulation of BCH holdings by these majestic creatures. In just two weeks, these whales managed to amass an additional 150,000 BCH, splashing their way to larger holdings.
While the trio of LINK, MKR, and BCH have witnessed positive price trends in the past month, each has also experienced its fair share of ups and downs. LINK and MKR have emerged as the shining stars, boasting monthly gains of 24.8% and 27.3%, respectively. BCH, on the other hand, has displayed a modest rise of 16.2%. However, it's important to note that all three altcoins experienced declines over the past week, with LINK decreasing by 4.4%, MKR by 2.2%, and BCH by 6.2%. The crypto ocean can be tumultuous, after all.
Crypto whales never fail to make a splash, and it's fascinating to witness their interest in these selected altcoins. Stay tuned because the crypto sea is always full of surprises, and we'll continue to keep you hooked on the latest trends and developments.
(Image source: Unsplash, Chart source: TradingView)
Note: This blog post has been written by a professional ghostwriter.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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