The biggest whales in the Ethereum (ETH) network are saving from this altcoin apart from DOGE or SHIB. The prices of cryptocurrencies have dropped significantly. However, crypto whales continue their savings at a “fast pace”. As stated, over $1 billion was traded in a single day based on market capitalization. As Kriptokoin.com, we are transferring the altcoin that ETH whales are after.
Santiment explained, not DOGE or SHIB!
On-chain analytics firm Santiment shared on its Twitter account. In the shared posts, it is seen that whales with 10 thousand dollars to 1 million dollars of ETH added a total of 947,940 tokens to their wallets in a single day. In general, the savings of whales have exceeded 1 billion dollars in the last 24 hours.
Mobility comes from whale and shark addresses with $100 and $100,000 ETH in their wallets. In the last 12 days, they have increased their holdings by over 3.5 percent, according to the data. They also currently hold the largest percentage of the crypto market supply.
🐳 #Ethereum's large whales (holding $10.9M to $1.09B) have added 947,940 more $ETH yesterday worth ~$1.03B. This is the 5th largest single day add in the past year. The past 4 instances, $ETH's price vs. $BTC rose an average of +3.2% the following 3 days. https://t.co/g4RdgE0Gzj pic.twitter.com/TVYkj4xVrU
— Santiment (@santimentfeed) November 21, 2022
CryptoCompare data shows that Ethereum was trading at $1,160, roughly the $1,200 level Santiment was talking about at the time of this writing, as the entity behind the FTX hack sold all of its ETH in the market to buy a tokenized renBTC. The version of BTC on other blockchains.
Investors withdraw their holdings after FTX crash
Ethereum was trading at $1,250 a week ago and is falling steadily near its all-time high of $5,000 during the bear market. At the beginning of the year, the cryptocurrency was trading close to $4,000 per token. Cryptocurrency investors are pulling their funds from exchanges following the collapse of FTX, which occurred after the trading platform was unable to invest user funds and process withdrawals during a bank run.
October has been a constructive and lucrative month for many altcoins in a challenging macroeconomic environment. Also, DOGE price rallied with Elon Musk’s acquisition of Twitter. SHIB continued to partner. According to CryptoCompare’s latest Asset Report, Ethereum price rose by 18.4 percent during the month of October, while Bitcoin rose 5.49 percent. The S&P 500 index rose 5.26 percent, while the NASDAQ rose 1.56 percent.
Awaiting DOGE, is LTC a hotspot of the crypto winter?
The bear market has seriously affected other altcoins, especially DOGE. However, Litecoin (LTC) price increases have performed well despite the problems with FTX.
Litecoin ranked second on the CoinMarketCap winners list, up 27.16 percent. In the first place was CRV with a daily gain of over 45 percent. The fact that LTC is on the rise again seems to make its investors happy. As a result of the gains, according to analysts, a decrease can be observed in Litecoin.
Litecoin surpasses other cryptocurrencies
The top cryptocurrencies have only managed to gain short-term price momentum. LTC price tested its highest level since November 14, 2021. Litecoin gained 188.80 percent in 24-hour trading volumes. It rose above $2.18 billion, showing a boost on newly acquired retail sentiment.
LTC’s recent rise is likely due in part to the mining reward halving planned in eight months. This will be the third halving event for LTC. As a result, it is stated that crypto money will lead to a positive change in the supply dynamics.
