The altcoin market seems to be in recovery mode right now. While Bitcoin dropped below $ 50,000 last week, many major cryptocurrencies in the altcoin market saw remarkable sales that caused significant declines in the transaction price.
However, in the past 24 hours, many altcoins have begun to record small gains as they try to reverse the trend and move the charts up. Ethereum saw a price increase of more than 4 percent last week, while Binance Coin recorded a 24-hour increase close to 7 percent. However, as is often the case, the bullish reversal has not been uniform throughout the market.
Interestingly, data provided by Santiment highlighted that several cryptocurrencies such as Binance Coin, Matic, Ren Protocol are currently standing out among the recovering cryptocurrencies. Whales seem to have played a bigger role in the altcoin market in the recent past, though they may have contributed to recent sales or have been one of the weak links in addition to the high correlation with BTC, but they also seem to be helping these cryptocurrencies to recover.
Since April 23, Binance Coin has secured a strong recovery and has recorded gains of over 19 percent and maintained two key price levels without falling below. According to data provided by Santiment, BNB has seen whale accounts increase by 7.5 percent compared to the Whale Hodlers% change model, and while this is not the highest jump compared to other altcoins, BNBs’ Market will have a higher impact on its price in the coming weeks. continues to have great account density.
He stated that cryptocurrencies such as Santiment, Binance Coin, Ren Protocol, Matic are now forming new large accounts and seeing more activity among this demographic group.
In the case of REN, data from IntoTheBlock highlighted that about 49.36% of their addresses could be called whales with significantly higher token concentration compared to individual merchant demographics. Throughout all of 2021, there has been a long-term increase in cryptocurrency, with about 3.47k addresses holding the REN in wallets for more than a year.
However, for the REN market, traders holding their assets for less than a year (between 1-12 months to be exact) continue to dominate the market, and the medium-to-long term market still attracts a significant portion of investors.
In the MATIC example, the last quarter saw an increase of close to 100 percent in long-term traders who had been around for more than a year. According to market data, addresses that have been waiting for more than a year have risen from about 1.7 thousand in December 2020 to over 3.3 thousand this month. For most of these altcoins, this marks an interesting shift in their core demographics, as there is a slight shift from short-term gains to a longer-term approach. If the trend continues, it can be expected that the number of long-term watchdogs will increase and drive the altcoin market in the coming months.