Cypher
AltcoinCryptocurrencyNews

Altcoins Hope for Rebound as Crypto Whales Make Massive Moves

With the cryptocurrency market in a bearish trend, investors are watching for any indications of a possible recovery. Success may be achieved by managing whale transactions, especially transferring altcoins from an exchange into private storage. Thus, the Santiment crypto analytics platform releases a new algorithm to detect and monitor such trades.

Crypto Whale Impact

A recently published chart has shown that huge individual transactions in cryptocurrency may have a material effect on the pricing of certain coins. Based on data from the previous three months, the graphic displays price increases for assets recently seen as one of the top 10 most significant individual transactions. The greater the transaction was in US dollars, the higher the rise.

The importance of the black area bar, which denotes transactions that have just taken place today and have the greatest potential to affect price, is further highlighted by the chart. The days that are earlier in the week are represented by bars that are shorter and thinner, and the color of each bar correlates to the caption that is located at the very top of the chart.

Cypher

Bitcoin’s chart, pictured on the left, now contains two transactions that are entirely off the axis, which may be explained by the enormous wallet migrations to Coinbase and several new wallets permitted by the Justice Department earlier this week. It seems from the graphic that the market sell-off on March 7 may have been unrelated to the $666 million Bitcoin transaction that occurred on that day.

📰 Also read:  Argentina Eying for Collaboration with El Salvador to Learn from its Successful Bitcoin Journey

The power of transactions

This chart serves as a reminder that large individual transactions can significantly impact cryptocurrency prices. Investors should note large transactions and monitor the market accordingly to make informed investment decisions.

The cryptocurrency market is known for its volatility, and the impact of large transactions on prices only reinforces the need for caution when investing in these assets. As always, investors should do their due diligence and consider the potential risks before investing in cryptocurrency.

📰 Also read:  Bitcoin Fights to Maintain Momentum, As Ethereum Holds Farm Below $3000

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  EU Council Agrees on Regulation Expanding EuroHPC's Supercomputing Role in Artificial Intelligence Development

Cypher

Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content