February has come and gone, leaving the market in a disastrous state compared to this year’s first month.
Despite the underwhelming performance of many cryptos, whales are currently buying several altcoins with the potential for substantial gains as March approaches.
Sometimes, this kind of accumulation precedes major price rallies. Because of this, retail market participants keep an eye out for the purchases made by these key stakeholders.
Based on recent buying activity, three altcoins are currently attracting significant interest from large investors.
Litecoin (LTC)
Litecoin tops the list of altcoins that whales are currently buying. This, however, might not surprise market observers who follow the market religiously.
Out of the top 20 cryptos, Litecoin is part of the few that has shown strength amid the market bloodbath. Over the last seven days, while many cryptos suffered double-digit declines, LTC only faced a 7% fall.
CCN’s findings suggest that this development occurred due to the bullish sentiment surrounding the coin, especially with the chances of a Litecoin ETF approval increasing.
Amid this, IntoTheBlock data shows LTC’s large holders netflow. The large holders’ flow is the difference between the volume of coins bought and sold by addresses holding between 0.1% and 1% of the total circulation supply.
When it falls, it means whales have sold more coins. But in this case, the rise to 233,280 indicates rising accumulation.
If this trend continues, LTC might be one of the first coins to experience relief in March.
However, if whales halt buying, Litecoin’s price might face a setback, and the value could decline further.
Uniswap (UNI)
Second on the list of altcoins whales are buying is UNI, the token of the decentralized exchange Uniswap. Recently, the U.S. SEC disclosed that it had closed its investigation of the protocol, which is bullish for the token.
Despite that, UNI’s price failed to react positively to the development. However, it appears that whales are waiting for the dust to settle, as they have shown intent on UNI being one of the altcoins that could perform well in March.
Looking for a safe place to buy and sell OPTIMISM OP? See the leading platforms for buying and selling OPTIMISM OP
According to Santiment, the balance of UNI held by addresses who own between 10 million and 100 million tokens has increased to 110.88 million, valued at approximately $750 million.
If this trend continues, UNI’s price might erase part of the 22% decline in February. However, UNI might slide below the $6 mark if this buying pressure fades.
Optimism (OP)
Another token that whales are buying is an Ethereum-based OP token. On a year-to-date (YTD) basis, OP’s price has decreased by 40%, making its inclusion a surprise.
At the same time, the lower the price, the higher the chances of a significant bounce.
According to IntoTheBlock, Optimism’s Large Holders Netflow has increased to 2.53 million, indicating more accumulation than distribution.
Should that continue, then OP’s price might bounce off the lows, and rally toward $2.
However, if it is the other way around, OP could falls below the $1 mark and toward its all-time low.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Was this Article helpful?
Source link
