Major Altcoin Season on the Horizon Indicated by Crypto Whale Accumulation

The cryptocurrency market has witnessed a surge in volatility recently as investors strategize to maximize their profits. Bitcoin’s price briefly soared above $70k on Monday before quickly dropping below $68k on Tuesday during the early Asian trading session.

While most altcoins, led by Ethereum, have experienced a decline in the past 24 hours, speculation surrounding meme coins has intensified.

According to crypto experts, meme coin projects like Pepe, Bonk, dogwifhat, and Floki Inu have shown positive performance in recent days.

Altcoin season seems to be on the horizon after months of anticipation. Bitcoin dominance has indicated the start of a macro altseason, as it closed below the macro-rising trend last week, prompting a rotation of crypto cash into the altcoin market.

Furthermore, Ethereum’s price has outperformed Bitcoin’s in recent weeks, driven by the recent approval of spot Ether ETFs in the United States and Hong Kong. The ETH/BTC pair is currently testing the upper border of a falling macro channel, suggesting a potential further increase in value.

In response to the recent market developments, Bitcoin whales, with wallet balances ranging from 10k to 10k BTCs, have decreased in number over the past two months. Similarly, the number of Bitcoin transactions valued at least $100k has also significantly declined.

On the other hand, Ethereum wallets holding at least 10k Ether have seen an increase of nearly 22 million ETH units in the past 14 months. The same trend can be observed with XRP wallets, which have gained at least 10 million units recently. Specifically, XRP wallets holding at least 10M units have acquired 3.17 billion units in the past 16 months.

Tags: Altcoins