During market recovery, whales started buying altcoins, and one of their top choices was IMX coin. This surge in altcoin purchases, including IMX, was highlighted by on-chain data from Nansen, a platform tracking cryptocurrency movements.
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Bitcoin and other cryptocurrencies faced a decline in early May, but a rebound later saw large investors, known as whales, shifting their focus to buying altcoins. Bitcoin’s price dropped to $56,500 initially but then recovered, nearing $62,000.
Crypto Market Sees Whales Dive into Altcoin Purchases Amid Bitcoin Recovery
Bitcoin and altcoins initially faced a downward trend, with Bitcoin’s price dropping to $56,500. However, the market later witnessed a notable recovery, driving Bitcoin’s price close to the $62,000 mark. This rebound prompted increased activity from large investors, commonly referred to as whales.
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During this period of market recovery, whales actively engaged in purchasing altcoins. According to data from Nansen, a platform tracking cryptocurrency movements, several altcoins experienced significant attention from these investors. Among the most purchased cryptocurrencies in the last 24 hours were USDC, ZENT, COMP, and IMX.
Whales Favor Ethereum Derivatives and DeFi Tokens in Recent Altcoin Purchases
In addition to IMX, whales have been actively purchasing various other cryptocurrencies, particularly focusing on Ethereum derivatives. Among these altcoins are ZETA, ENA, weETH, wstETH, aEthWBTC, stETH, and cbETH. Notably, a significant portion of whale activity has been directed towards Ethereum-related assets.
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Several factors may explain why whales are gravitating towards these altcoins
ZENT: ZENT represents a decentralized finance (DeFi) protocol. DeFi platforms like ZENT offer financial services to individuals who lack access to traditional banking systems. With the growing interest in DeFi, the demand for protocols such as ZENT has surged.
Also Read: Cardano Price Outlook: Approaching $0.50; but Bears Threaten Downside
COMP: COMP serves as the native token of Compound, a decentralized lending and borrowing platform operating on Ethereum. Through Compound, users can utilize their crypto assets as collateral to borrow funds and earn interest. As Compound’s utility expands, so does the demand for its native COMP token.
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IMX: IMX stands as the native token of Immutable X, a gaming marketplace built on Ethereum. Immutable X facilitates the trading of in-game items using non-fungible tokens (NFTs). With the increasing adoption of NFTs in the gaming industry, platforms like Immutable X, along with the IMX token, are witnessing a rise in value.
In Summary
Whales’ growing interest in altcoins may indicate a changing landscape in the cryptocurrency markets. With declining demand for Bitcoin, investors are exploring alternative altcoins. This shift could potentially drive up the prices of these alternative cryptocurrencies. However, it’s crucial to recognize that cryptocurrency markets are known for their volatility. Therefore, conducting thorough research before making any investment decisions is essential to navigate this dynamic landscape safely.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.