In a new report on market conditions, cryptanalyst firm Santiment says big Bitcoin and Ethereum holders appear to be preparing for a rally.
According to Santiment, those with 1,000 or more Bitcoin dominate a larger proportion of the BTC market, suggesting that whales may be on the verge of causing a major upside reversal.
“The largest holders of Bitcoin (over 1,000 BTC) currently hold 42.56% of total supply after owning 43.29% (a 54-week high) on Feb. 8, fueling the all-time high in February. A return of over 43% is an indication that whales are looking to fuel another rally. “
Whales are also eating up a significant portion of Ethereum’s supplies, Santiment reports.
“The top 10 non-exchangeable whale addresses from Ethereum have offered the largest combined range of ETH tokens (16.86 million) since July 2016. On March 1st, a one-day addition of 1.03 million tokens was added to these addresses, the highest – daily jump in 6 weeks! “
Although it appears whales are preparing for top crypto assets number one and two to find a way to new heights, Santiment data shows that Polygon (MATIC), formerly Matic, blockchain game coin Enjin ( ENJ), Theta Blockchain Governance Token Theta Fuel (TFUEL) and XinFin (XDC) outperform all other crypto assets, especially BTC.
“As we continue to see volatility for Bitcoin as it tries again to exceed $ 50,000 (which was briefly done yesterday), altcoins are winning especially in the number one crypto asset. MATIC, ENJ, TFUEL and XDCE are among several projects that make an important contribution. “
Recently Santiment also presented the fastest growing projects based on Ethereum for the month of February. They are alright:
- Gnosis (GNO)
- Status (SNT)
- Decentralized (MANA)
- UMA protocol (UMA)
- Chain link (LINK)
- Scale Network (SKL)
- MakerDAO (MKR)
- Ocean Protocol (OCEAN)
- Golem Project (GLM)
- Santiment Network Token (SAN)
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