As a seasoned researcher with years of experience in the dynamic and unpredictable world of cryptocurrencies, I can’t help but feel a mix of intrigue and caution when I see such market trends. The recent surge in whale transactions for projects like Cronos (CRO) and Aave, as reported by Santiment, certainly piques my interest. However, the concurrent drop in their prices seems to indicate that this could be more about accumulation than a sudden bullish trend.
Last week, a notable increase in large-scale cryptocurrency transactions was observed for various projects and alternative coins, as pointed out by an on-chain analytics provider on October 8th. This surge was more significant than the activity recorded during the preceding seven days.
As a crypto investor, I’ve noticed that when coins experiencing a downtrend suddenly exhibit large spikes due to whales, they often become strong contenders for an imminent price surge.
For this week, Cronos (CRO) dominates in significant transactions by large investors (whale activity), with a staggering increase of 255%. Yet, it’s important to note that the price of CRO has dipped by 7% over the same period, and today, it decreased by 2.7%, currently trading at $0.078.
When Altseason?
According to Santiment, there was a significant increase in large-scale transactions involving the DeFi lending platform Aave in the previous week. However, despite this activity, the value of its native token AAVE has decreased by 8% over the same period and fell a further 3.7% on the day, currently being traded at $146, as per CoinGecko’s data.
With this in mind, the spot price increases for these tokens may be somewhat delayed.
Pay attention to these cryptocurrency initiatives, as they’ve witnessed significant increases in large-scale transfers (trades) by ‘whales’ over the past week (when compared to their whale activity from the previous week).
1) At Cronos Chain, the value of $CRO has increased by 255%.
— Santiment (@santimentfeed) October 7, 2024
On cryptocurrency platforms, there’s a persistent clamor for an altcoin season, as Bitcoin has consistently struggled to exceed its resistance level numerous times during the last few months.
On October 8th, crypto trader Laxman expressed doubt that the event would occur before Bitcoin reached a fresh record high of over $74,000 and began losing its market dominance.
As per Tradingview’s data, the dominance of Bitcoin is presently slightly more than 58%, approaching a peak level last seen in April 2021.
On the other hand, CryptoYoddha released a graph via Tradingview showing an uptick in the total market value of altcoins, potentially indicating the upcoming altcoin season.
#Altcoins
Good times ahead
— Yoddha (@CryptoYoddha) October 7, 2024
Crypto Market Outlook
Although the altcoins pointed out by Santiment are currently experiencing a downturn, there are some coins that are going against the general market flow and recording growth instead.
These include Sui (SUI), which surged 10% on the day to reach $2.10, just 3% away from its March all-time high. SUI has gained a whopping 127% over the past month, primarily driven by memecoin degens minting on the network.
Today, Fantom (FTM) is performing well, increasing by 4%, edging closer to $0.70. Meanwhile, Aptos (APT) and Tron (TRX) are also showing positive growth.
Today, the total market capitalization has dropped by 2.8% to $2.28 trillion, causing a majority of altcoins to dip in value. Notably, Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) experienced relatively larger losses.
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2024-10-08 09:33