Whales Are Preparing for the Next Altcoin Rally: Great Interest in XRP and 6 Coins!
The CEO of on-chain analysis platform CryptoQuant said whales are preparing for the next altcoin rally.
CryptoQuant's CEO, Ki Young Ju, included the movements of altcoin whales on July 31. Keeping Bitcoin and Ethereum apart, the CEO said that whale activity in other cryptocurrencies points to a large accumulation. He pointed to the whales' intake walls:
Limit buy order volume for altcoins except Bitcoin and Ethereum is increasing, indicating that strong buy walls are being established.
7 altcoins stand out
In the heat map shared by the analyst, it was stated that the highest purchase thresholds were collected in 7 altcoins. These altcoins included Cosmos (ATOM), Polygon (MATIC), Cardano (ADA), Ripple (XRP), ChainLink (LINK), Dogecoin (DOGE) and Chiliz (CHZ).
Some people cannot fully understand this indicator, so here you will find a brief explanation.
In stock markets, market orders create 'buyer volume', while limit orders create 'bid volume'. Whales and institutions such as market makers and brokerage firms often use limit orders on large transactions to prevent slippage.
The indicator is calculated by taking the cumulative sum of the difference between buy and sell quote volumes using a 1-year rolling window. If there is an increasing trend, this means that bid buying volume is increasing, indicating stronger buy walls.
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