Santiment analytical center released statistical data regarding the development of the situation on the crypto market.
This time, under the lens of attention were fundamental altcoins like $YFI, $UMA, $MKR, $MATIC, $ANT and $KNC. In particular, these altcoins continued their growth despite recent Bitcoin price fluctuations.
They also attracted the attention of traders, which also contributed to the positive indicators in their growth. Recall that Bitcoin last week was subjected to sharp price fluctuations in the range of $33 000 to $36 000. The situation that emerged drew the attention of many traders to altcoins.
? #Altcoins have continued to make up for lost time as #Bitcoin's flat performance has turned traders' attention to other assets for the time being. Our latest insight discusses whale accumulation and dumping for $YFI, $UMA, $MKR, $MATIC, $ANT, and $KNC. https://t.co/ZXqMm0qujk pic.twitter.com/DMaoiEFobt— Santiment (@santimentfeed) July 7, 2021
In particular, traders evaluated them as the most profitable option in terms of situation and offers on the market. Nevertheless, Santiment reports that the increased volume and activity of many assets, which were exposed to strong negative market trends just a month ago, are now showing encouraging signs again.
There is also an interesting situation going on with the market whales. Thus, the number of major holders of these high-growth assets whales is undergoing a change. Santiment's article looks at which altcoins are seeing their accumulation and which are dumping their bags.
For example, among the dwindling numbers of whale addresses are assets such as Polygon ($MATIC), Aragon ($ANT), and Kyber Network ($KNC).
The number of increasing whale addresses, on the other hand, were shown in Yearn Finance ($YFI), Uma ($UMA) and Maker ($MKR).
Because we actually count the amount of whale addresses that meet the threshold of $100k or $1m held (depending on the asset). This is not a measure of volume - we can actually measure the raw amount of addresses, or the % supply held by whales at any given time. ?— Santiment (@santimentfeed) July 7, 2021
Also, Santiment said that it actually counts the number of whale addresses corresponding to the $100 000 or $1 million threshold, depending on the particular asset. They also added that this is not a measure of volume, so measuring the raw number of addresses or the percentage of supply that whales own is possible at any given time.