The broader cryptocurrency market has dropped below $800 billion in market cap over the past 3-4 days. Also, the crypto market is facing strong selling pressure. However, despite all this, whales are accumulating these altcoins as the Bitcoin price continues to fall.
These altcoins are rising as the Bitcoin price drops
As we have reported as Kriptokoin.com; Leading cryptocurrency BTC continues to decline. However, altcoins such as altcoin projects Chainlink (LINK), Tron (TRX), and Litecoin (LTC) are on the rise. Altcoins attracting investors are challenging the market correction. Bitcoin and Ethereum saw a serious correction earlier on Monday.
However, Chainlink (LINK) has witnessed a good uptrend. LINK is up 4.58% in the last 24 hours and is currently trading at $5.88. Also featured by on-chain data provider Santiment:
Chainlink jumped a slight (3 percent) on Monday despite the declines of Bitcoin and Ethereum. The bigger event is LINK’s spike in active addresses, which started to increase around the time the FTX event occurred, and is still at one-year highs.
Tron’s native altcoin TRX continues to trade with a price of $0.05191 and a market cap of $4.7 billion, up 3.6 percent. The altcoin is also trading in positive territory on the weekly chart. Earlier this month, Tron DAO shared an important milestone. In the period from November 7 to November 13, the total number of accounts associated with Tron blockchains reached 119,949,499. In addition, the total number of transactions reached 4.19 billion. Blockchain height for Tron has exceeded 45.83 million. Total Locked Value (TVL) has reached $12.3 billion.
Whales are accumulating these altcoins
Litecoin (LTC) is one of the strong altcoins. LTC is currently trading at $63.16 with a market cap of $4.4 billion. It also moved up to 15th place, surpassing Solana by market capitalization. In the past seven days, the LTC price has increased by 8 percent. Earlier on Monday, the Litecoin Foundation made an important announcement for blockchain.
The Litecoin Network just processed its 135,000,000th transaction.
Over 11 years of continuous immutable, uncensorable, flawless uptime. pic.twitter.com/bMbcp7ecHg
— Litecoin Foundation ⚡️ (@LTCFoundation) November 20, 2022
Leading altcoin Ethereum (ETH) suffered in the FTX crisis. The news that the FTX hacker has accumulated a large amount of Ethereum (ETH) has raised concerns that a huge dump is coming.
As a result, ETH price slumped as low as $1,099 after the recent market dips.
Santiment shares draw attention to ETH savings
However, on-chain data shows that Ethereum whales are eventually continuing to accumulate. The following statements were included in the data provided by Santiment:
Ethereum’s big whales (holding from $10.9 million to $1.09 billion) added another $947,940 ETH on November 21, 2022, worth $1.03 billion. This is equivalent to the 5th largest single-day increase in 2021. In the last 4 examples, the price of ETH increased by an average of 3.2 percent in the 3 days following BTC.
Bitcoin drop doesn’t seem to affect DOGE much this time
The fourth largest BNB whale “Sabo” bought 53,501,879 Dogecoins (DOGE) as the price neared the bottom. Meme coin project DOGE has soared over 2 percent in the past hour. According to WhaleStats data, “Sabo” purchased 53,501,879 Dogecoins worth $4.05 million on November 21. The whale now has $5.79 million worth of DOGE in its wallet.
The total value of the wallet is over $55 million and Binance-peg Bitcoin (BTCB) is the largest asset at $24.89 million. Also, the Binance-peg Ethereum token is the second largest asset with over $24 million. Dogecoin (DOGE) continues to be among the top 10 purchased tokens among the top 100 BSC whales in the last 48 hours. Other whales have also bought DOGE in the last 24 hours.
Twitter’s native altcoin is DOGE?
Dogecoin is also likely to become Twitter’s cryptocurrency. Elon Musk hinted at Dogecoin’s integration with Twitter, causing the price of DOGE to jump to $0.15 within a week. However, DOGE moved downwards after the FTX crisis. DOGE price reached $0.072 during the crisis period. Meanwhile, Dogecoin investors are confident that Elon Musk is bringing Dogecoin to Twitter. Experts believe that as a result of Elon Musk’s integrating the meme coin into Twitter, its price could reach $1.
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