In the last few days, the crypto market has changed its color scheme and mostly turned green again. As investors return to the bullish mood, it seems like whales are getting active. SHIB and 5 altcoins are rising again with big whale transactions.
DOGE, MATIC and UNI made significant gains
While Ethereum has been growing faster than Bitcoin since last week, many big investors, often referred to as whales, have turned their attention to projects where their power reserve has not yet run out.
🐳 With many #altcoins enjoying a solid rebound to their market caps in July, we can see the amount of $100k+ valued whale transactions are beginning to rise. $DOGE, $MATIC, & $UNI are noticeably seeing rises in these large transactions on their networks. https://t.co/XYEQPr6mWG pic.twitter.com/JR97zQuqXa
— Santiment (@santimentfeed) July 19, 2022
As Santiment points out, altcoins like DOGE, MATIC, and UNI have recorded significantly large capital inflows. The number of transactions exceeding $100,000 with the participation of these altcoins has increased many times over the past week. Thus, it caused a corresponding price action. Over the past few days, Polygon (MATIC) price has increased by 71.15%, Dogecoin (DOGE) is up 26% and continues to rise.
Cardano, Dogecoin and SHIB gain the trust of long-term investors
ADA, DOGE, and SHIB are leading the rise among the top 20 cryptos, with gains of 10.78%, 14.77% and 12.26% respectively. Cardano (ADA) price gained 24.79% last week. It is currently trading at $0.52. Meanwhile, the company behind Cardano has become a new member of the American Chamber of Commerce (AmCham) Mongolia. This move was also endorsed by Cardano’s founder, Charles Hoskinson.
Excited to join https://t.co/rdJLGMrlml
— Charles Hoskinson (@IOHK_Charles) July 20, 2022
As you follow on Kriptokoin.com, the Cardano DeFi ecosystem also saw big entries in the previous week. Dogecoin (DOGE) and Shiba Inu (SHIB) gained 23.41% and 27% respectively in the past week. Additionally, Dogecoin is looking forward to the upcoming release of Dogecoin Core update 1.14.6.
Investors predict ‘long-term exit’
According to Santiment, “investors change their settings and get a sense of a long-term breakout after a dominant Bitcoin on Tuesday.”
🥳 Traders are changing their tune and are smelling a long-term breakout after a dominant #Bitcoin Tuesday. With the #1 market cap asset in #crypto surging, the ratio between $BTC #longs and #shorts is at its highest point since early May. Watch for #FOMO. https://t.co/4PcBhoKywd pic.twitter.com/dSPmazk1S1
— Santiment (@santimentfeed) July 19, 2022
Bitcoin’s price hit intraday highs of $24,004.48 on July 20. It then paved the way for the third day of rising prices in a row. This is true of alternative cryptocurrencies or “altcoins” that maintain a close relationship with the Bitcoin price. Also, the Crypto Greed and Fear Index, which measures investor sentiment, went from “extreme fear” to “fear”. It rose to 31, the highest level since April, and showed a sense of improvement.
Fundamentals fuel strong projects even more
On the other hand, Polygon recently announced its partnership with Disney. Given the company’s hundreds of billions of dollars in capital, this partnership is very important to Polygon. As for Dogecoin, until recently there was little news about the most popular meme coin. The team is currently preparing for Dogecoin Core 1.14.6.
6516
