The post Top Altcoin Picks By Crypto Whales in the First Week of August 2024 appeared first on Coinpedia Fintech News
In the first week of August 2024, Crypto whales loaded XRP, Cardano, and Ondo. It is also to note that the number of whales scooping Bitcoin is at the highest since 2014.
In the last 7 days, the Crypto market passed through a stroke with a significant dip on Monday, followed by an impressive market recovery taking Bitcoin from $53,000 to $60,000 back.
Despite the market being so uncertain, whales always accumulate.
Ripple(XRP)
XRP has been on the hotline in 2024, only recently the four-year-long SEC lawsuit was settled. The asset is still under intense observation but carries a positive momentum in the middle and long term.
Just before the recent decline, XRP experience a massive whale activity.
Wallets holding between 1 million and 10 million XRP value at around $4.4 billion, with assets in holding arround 7.06 billion coins.
Interestingly, a report by Santiment shows there was an increase in the number of wallets holding 100 million 1 billion. It is now 15% of the total supply.
At the time of writing XRP Price is approaching to $0.6 with 7 days growth of 4.70%.
With the new update on Ripple testing the stablecoins RLUSD and neutral market conditions keep the hopes of breaking above the long-term resistance of $0.62 in 2nd week.
Cardano (ADA)
Cardano on 5th August made a great recovery from $0.29 to the current $0.347.
Whales have seen the recent ADA dip as an opportunity and the Santiment Data reveals an increase in whale count.
The Data Says addresses holding 1 million to 10 million ADA now contribute to 16% of the supply and this can trigger a great upward rally in the next sessions.
The metrics like positive social sentiment, and increased volatility show a mixed sentiment favoring to a downtrend before a good rally.
Ondo(ONDO)
Ondo makes a good recovery on 5th August after falling from a critical level, currently trading at $0.761 with a 7-day growth of 4.59%.
The 7 days dat from IntoTheBlock shows an increase of 3000% in number of large holders netflow.
Netflow is the difference between the number of whales buying and whales selling. In this case, it is a positive net flow that means the whales buying is more than the whales selling.
However, ONDO Making it back to $1 is still a hood for traders, if the market trend and institutional interest continue in the same direction the crypto will mark good gains.