Bitcoin and most altcoins are assessing the week’s recession to maintain critical support levels. But investors are looking for a trigger to push the market higher. Which altcoins the whales are buying can give an idea about this question.
Cryptocurrency market analysis
The cryptocurrency market was quiet over the weekend. The horizontal price continues at the same calmness today. The main reason is quiet, markets closed for Labor Day in the US. However, a positive sign amid all the turmoil is that Bitcoin has not lost its critical support zone. BTC is still trading near the $20,000 psychological level. Despite the declines, it manages to maintain the $19,000 support. In conclusion, we can say that investors do not panic and do not leave their positions in a hurry.
So which altcoins will lead a possible rally? To answer this question, let’s take a look at whale wallets. In the rest of the article, we examine the coins that whales buy the most, according to data obtained by WhaleStats.
Whales buy these altcoins/tokens the most
The data provided by WhaleStats reveals the activity in the Ethereum network due to the upcoming merge. SETH is a synthetic Ether token activated by the Synthetix protocol. It tracks the price of Ether through data provided by Chainlink’s oracle network. SETH is currently the most purchased cryptocurrency by whales. The top of this list is usually hosted by USDC and USDT. However, SETH continues to see more demand as the Ethereum merge update approaches.
When we look at the general view of the list, we understand that wrapped tokens have been traded more recently.
- sETH (SETH)
- USD Coin (USDC)
- Tether USD (USDT)
- Ethereum (ETH)
- Wrapped BTC (WBTC)
- Compound Wrapped BTC (WBTC)
- Frax (FRAX)
Most traded small-volume altcoin projects
As you follow on Kriptokoin.com, the SPDR token has been in the first place among the most traded alpha tokens for a while. This list consists of altcoins with market caps of $5.15 million, most traded by Ethereum whales.
The general view of the list is as follows.
- SpiderDAO Token (SPDR)
- Aave interest bearing USDC (aUSDC)
- Aave interest bearing USDT (aUSDT)
- Aave interest bearing STETH (aSTETH)
- Voucher Ethereum (vETH)
- Aave interest bearing WETH (aWETH)
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