Leading analytics firm Santiment studies the on-chain movement of investors. According to the latest data, big investors are flocking to various altcoin projects. Ethereum (ETH) and Polygon (MATIC) are flashing in the midst of the crypto market bounce, according to Santiment. Here are the details…
Santiment: The number of whales holding the leading altcoin ETH has increased
Santiment states that the number of whale addresses holding between 1,000 and 100,000 ETH has increased since the beginning of May. According to Santiment, Ethereum recovered well in July. It has risen close to 30 percent during the month, and close to 15 percent in the last 24 hours. Apart from that, 131 new whale addresses appeared on the network. Hence, there is an increase in the number of whales buying ETH. Santiment used the following statements:
Ethereum rallied pretty well in July, gaining 29% over the month and 14% in the last 24 hours alone. Additionally, there has been an increase in the address layer of 1,000 to 100,000 ETH since the beginning of May, when 131 new whale addresses appeared on the network.
Polygon is also in the focus of whales
Santiment also notes that address efficiency has increased for MATIC, Polygon’s native token, a scaling solution aimed at enabling widespread adoption of decentralized applications on the Ethereum Blockchain. Address activity on MATIC soared compared to its price, which dropped 66 percent from an all-time high of $2.69, according to Santiment. Santiment uses the following expressions:
Altcoins have spent the first half of 2022 seeing their market cap gains flow quickly. However, projects like MATIC quickly made up for some of their losses, up 63 percent in a week. Address efficiency is also increasing and shows an interesting difference.
MATIC is trading at $0.91 at the time of writing. The 12th-ranked crypto asset by market cap is up more than 23 percent in the past day and nearly 58 percent in the past week. The Walt Disney Company announced last week that Polygon is one of six entrants in the Disney Accelerator class of 2022. Santiment also says that crypto traders are expressing more optimism about Bitcoin (BTC) on social media. Santiment uses the following expressions:
Bitcoin’s slight +8% rise in July was enough for crypto traders to start breaking through their decline. Cynical or not, this happens when traders become overly optimistic. It reached its highest levels since January 18.
BTC is trading at $22,107 at the time of writing. The top-ranked crypto asset by market cap has increased by more than 7% in the last 24 hours and more than 11% in the past seven days.
