Insights into the Crypto Market:
As the demand for Bitcoin (BTC) and Ethereum (ETH) experienced a period of consolidation, influential crypto investors, known as whales, have shifted their attention to the market of lower-cap altcoins. This strategic move by crypto whales has led to a notable surge in the rankings of three specific altcoins, emerging as top gainers in the cryptocurrency market this week. The recent influx of capital from these major investors coincided with the US Inflation Report surpassing market expectations, suggesting that corporate players in the crypto space might further amplify the buying pressure. The focus of crypto whales on the altcoin market raises the question: can these three particular altcoins generate substantial gains in the weeks to come?
FTT Token Witnesses Corporate Investment Surge Following Gary Gensler's Statements FTT, the native token associated with the now-defunct cryptocurrency exchange FTX, experienced an impressive 90% surge in its price this week. This notable uptrend was instigated by remarks made by Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), who addressed inquiries about a potential takeover "within the law." On-chain data analysis has brought to light the proactive involvement of crypto whales in accumulating significant amounts of the FTT token. The provided chart illustrates a surge in whale activity, with a peak of 95 Large Transactions recorded on the day following Gensler's statements on November 9, 2023.
The large transactions metric monitors the trading activity of crypto whales by aggregating the number of daily transactions exceeding $100,000. Typically, a significant surge in whale demand, as observed in the data above, often serves as a catalyst for a bullish price action.
Predictably, the FTT token witnessed an immediate spike to a 2023 peak of $5.33 as crypto whales responded to Gensler's comments.
While prices have experienced a 30% decline from last week's peak, settling around $3.6, the provided chart indicates that whales continue to actively accumulate FTT. Therefore, strategic investors will closely monitor the asset for potential further price gains.
Large Investors Intervene to Prevent Ripple (XRP) from Dipping Below $0.65 Following a retreat from last week's high of $0.72, XRP's price underwent a 13% decline. However, as XRP approached the crucial $0.65 support level this week, crypto whales swiftly entered the market to capitalize on the dip.
Illustratively, the Santiment chart below illustrates that whales, specifically wallets holding 1 million to 100 million XRP, significantly intensified their buying activity once the price reached $0.65 on November 12.
Between November 12 and November 15, these investors added an astonishing 90 million coins to their balances.
The Whales Wallet Balance metric provides real-time insights into changes in the coin holdings of large institutional investors. The recently acquired 90 million XRP now amount to approximately $60 million, considering the current price of $0.66.
This substantial capital inflow resulting from the whales' buying activity suggests their strategic positioning for another potential price breakout. If this trend of whale accumulation continues, there's a possibility that the XRP price could surge back to the $0.70 range in the upcoming days.
Bargain-Hunting Whales Prevent Apecoin from Plummeting to Zero Apecoin (APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, experienced an all-time low of $1.12 in late October. However, a group of millionaire crypto whales seized the opportunity to accumulate APE tokens at these discounted prices.
After nearly a month of consistent buying pressure exerted by the crypto whales, APE coin has rebounded by 40%, momentarily reclaiming the $1.40 territory.
Data from Santiment reveals that investors holding balances of 1 million to 10 million Apecoin have further increased their holdings by an additional 10 million tokens between October 26 and November 10.
The substantial 40% price rebound from the all-time low suggests that strategic retail investors have also been enticed to adopt bullish positions. If the ongoing whale accumulation persists, it has the potential to dispel concerns about the Apecoin token price plummeting to zero.
In summary, institutional entities and high-net-worth holders hold considerable sway in the cryptocurrency ecosystem. Therefore, the actions of crypto whales acquiring FTT token, Ripple (XRP), Litecoin (LTC), and Apecoin (APE) at discounted prices this week could instill confidence in these projects' long-term viability for other investors.
This optimistic sentiment has the capacity to attract new participants and foster deeper adoption despite the prevailing bearish market conditions.
