Whales are buying up all prospective altcoins
Santiment analysts reported on growth of “Whales” investment in altcoins. Review by Crypto-Upvotes experts
Those socalled “Whales” of cryptoindustry, that is, large holders of crypto-assets. They have started to increase their investments in altcoins. And it is the interest of the big players, according to information and analytical platform Santiment, that is causing the rise in prices of digital assets.
Santiment experts pointed out that large holders of Litecoin (LTC) have increased their token holdings by 1.15 million coins (+4.92%) over the past six months. And in the last 7 weeks alone, the increase in their wallet balances was about 0.5% of the coin’s total supply. Analysts said on Twitter that this was the reason for LTC’s 89% rise since it fell to $50 in early November. By January 31, the value of the asset had risen to $95, a daily gain of 2.8%.
The cryptocurrency Litecoin, created in 2011, uses the same programming code as Bitcoin. But it works with some differences, offering cheaper and faster transactions. The asset has a market capitalization of $6.8 billion as of Jan. 31 and daily trading volume of $1.1 billion.
One of oldest investment companies in the crypto industry, Pantera, has renewed its interest in investing in digital assets. Which is different from Bitcoin and Ethereum, The Block reports. Last spring, Pantera switched from investing in altcoins to ETH to avoid losses. But now it has begun to return to coins, which Pantera co-founder Joey Krug says will “outperform Ethereum in the coming cycle.” No specific assets were named.
Prices of some altcoins rose by tens or even hundreds of percent earlier this year. Santiment analysts last week pointed out that sentiment in the cryptocurrency community may be signaling tops. But if traders don’t take emotion into account, the rise in cryptocurrency prices could continue.
Santiment also named the top 10 fastest-growing altcoins. To compile the ranking, the analytics company used data on developer activity.