Savvy crypto investors—often dubbed “crypto whales” due to their sizable holdings, which can influence market trends have recently been setting their sights on a select group of altcoins, potentially aiming to capitalize on their prospective gains.
Recent developments, such as the US Federal Reserve’s (Fed) hint at pausing rate hikes and speculations around the approval of more futures exchange-traded funds (ETFs) in the U.S., are suspected to be the catalysts steering crypto whale interests, according to Marti, a recognized voice from the Altcoin Buzz YouTube channel.
Notably, Macroeconomic events have always played a critical role in shaping the dynamics of the financial markets. Cryptocurrencies, while unique in their operations, are no exception to this influence.
LINK: Chainlink’s Surge Attracts Big Crypto Players
Chainlink’s native coin, LINK, is turning heads and emerging as a prime focus for these heavyweight investors. Marti identifies LINK as one of September’s top performers among leading cryptocurrencies, registering roughly 30% growth.
Marti says this gain can be attributed to several developments, including Chainlink’s tokenization collaboration with SWIFT, the international payment rail, and a growing interest in the real-world assets sector.
Whale activities around LINK have also been quite noteworthy. On-chain data by IntoTheBlock reveals a jump from 30 whale transactions on September 17 to 218 by October 2. A notable transaction involved a purchase of 424,443 LINK tokens, a transaction value of about $3.25 million.
This whale spent $3.25M to buy 424,443 $LINK again at a price of $7.67 an hour ago.
— Lookonchain (@lookonchain) October 8, 2023
Diving Deeper: The Rise Of MKR And BCH
Maker (MKR), another altcoin, has experienced a significant uptick in large-scale transactions, coinciding with the Fed’s rate halt announcement in September. Marti sheds light on the surge in whale activities around MKR, highlighting that significant transactions leaped from nine on September 19 to a 6-month high of 102 by October 2.
Bitcoin Cash (BCH), a staple in the crypto realm, hasn’t been left out of the whale frenzy either. Marti parallels BCH’s current scenario and its June 2023 bull rally, which propelled BCH to a yearly zenith of $329.
Recent on-chain data underscores this enthusiasm, showing whales’ noticeable accumulation in BCH holdings. From September 21 to October 4, there was a notable increment in their total balances, suggesting an acquisition of an additional 150,000 BCH.
Furthermore, while LINK, MKR, and BCH have seen positive price trends over the past month—mirroring the whale accumulation metrics—each has also faced its share of downturns.
Notably, LINK and MKR emerged as the top performers among the trio, registering monthly gains of 24.8% and 27.3%, respectively. In comparison, BCH posted a modest rise of 16.2%.
Yet, it’s worth noting that over the past week, all three altcoins have experienced declines: LINK decreased by 4.4%, MKR by 2.2%, and BCH by 6.2%.
Featured image from Unsplash, Chart from TradingView