Bitcoin has clawed back most of its losses from the week, with traders eagerly awaiting former U.S. President Donald Trump’s appearance at the Bitcoin 2024 conference in Nashville, Tennessee. Interestingly, Bitcoin gained more than 1% today as Trump seems to have shifted his stance on digital currencies this election cycle.
Analyst Altcoin Buzz said that this week, crypto whales have been quietly accumulating several altcoins, showing confidence in their near-term potential despite recent performance dips. Here are the top altcoins:
Arbitrum:
Current Price: $0.72
Whale Activity: Despite its major year-to-date decline, Arbitrum has seen a 87% increase in large holder net flow over the past week. This suggests that whales believe in the token’s long-term potential. Arbitrum, a layer-2 scaling solution for Ethereum, aims to improve transaction speed and reduce costs on the Ethereum network. The recent whale accumulation could indicate confidence in its technology and future adoption.
XRP:
Current Price: $0.59
Whale Activity: According to Santiment, the number of addresses holding between 100 million and 1 billion XRP tokens has increased since July 23rd. This shows that the supply has risen from 38% to 40%, showing a growing confidence among large holders. XRP has been benefiting from recent legal victories and market sentiment, making it an attractive option for whales.
Cardano:
Current Price: $0.41
Whale Activity: Cardano has seen a staggering 10,878% surge in large holder inflows within a single day, surpassing the 5 billion mark. This indicates a significant level of confidence among whales in ADA’s recovery potential. Cardano’s recent upgrades and ongoing development have been positively received by the market, contributing to its attractiveness.
Chainlink
Current Price: $13.55
Whale Activity: Chainlink recently integrated its Cross-Chain Interoperability Protocol (CCIP) with TrueFi across Ethereum and Arbitrum blockchain platforms. TrueFi, backed by Coinbase and Chainlink, provides transparent and real-time financial data, enhancing the decentralized finance (DeFi) ecosystem. This integration could drive further adoption and utilization of Chainlink, making it a popular choice among whales.
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