Bitcoin and ETH whales are currently investing in three alternative altcoins. This while the main cryptosystems are being consolidated. This information is provided by a Crypto Research Report.
While the most important crypt currencies, Bitcoin on the one hand, and ETH on the other, are getting a better position, the whales are betting on other digital currencies. These alternative crypt currencies belong to various DeFi. This could be a sign that the development of altcoins is pushing them to chart their own course.
Consequently, these digital coins would be Ren (REN), Aave (LEN) and Kyber Network (KNC). The mentioned altcoins, have made important jumps in the last months according to the mentioned investigation.
Bitcoin and ETH whale investments in altcoins is a good sign
According to the research, carried out by Demlza Hays, the results shown on the Santiment website express an increase in the certainty of good results from the altcoins. This would explain why Bitcoin and ETH whales are betting on them.
„We are happy that the metrics show the long range of many altcoins, including the 3 we are focusing on,“ explains Hays. In addition, he also believes that if Bitcoin and ETH continue in this mode of stagnation, the altcoins will have a positive development in the coming months.
It should be taken into consideration that Bitcoin’s dominance in the crypto arena, although overwhelming, is not as omnipotent as in past years. Currently, there are proposals for digital coins that have better potential than Bitcoin itself. However, because the latter is the most popular, it still retains its strength.
The Bitcoin and ETH whales are investing in altcoins while the major digital coins are regaining ground.
Are Bitcoin whales getting richer or just more numerous?
Development in the last month
Hays’s research shows that the three altcoins mentioned above have reached their peak in the last month’s range. „In the last 30 days, the balance of the top 100 whales investing in KNC has grown by $30.6 million.“
The researcher assures that this amount of investment shows great optimism in the development of the altcoins while Bitcoin and ETH recover. This could mean a new stage of improvement in terms of the development of the new form of finance that is emerging at an international level.
It should be noted that Bitcoin has been in a low-volatility range for almost three months. Consequently, this relative stability is only comparable to the one experienced by Bitcoin Investor in March 2010, when it remained at 0%.
On the other hand, Bitcoin’s price has remained stable between $9,100 and $9,900 since the Halving last May 11. Since then, it has sporadically gone outside those price ranges until it returns again.
At the time of writing, the price of the main cryptomoney is at $9,500, the highest in the last two weeks. During these last 14 days it remained between $9,000 and $9,300.