After the declines last week, Bitcoin has managed to recoup most of its losses. Crypto investors are eagerly awaiting former US President Donald Trump’s attendance at the Bitcoin 2024 conference in Nashville, Tennessee. Interestingly, Bitcoin gained more than 1% today as Trump appeared to have changed his stance on cryptocurrencies during this election campaign. According to analyst Altcoin Buzz, crypto whales have been quietly accumulating various altcoins this week, indicating confidence in their near-term potential. Here are some of the altcoins that stand out, such as XRP:
Arbitrum, watch out for XRP
Despite a major decline year-to-date, Arbitrum saw an 87% increase in net flow from large holders in the past week, according to Altcoin Buzz. This shows that whales believe in the token’s long-term potential. Arbitrum, a layer-2 scaling solution for Ethereum, aims to increase transaction speed and reduce costs on the Ethereum network. The recent whale accumulation indicates confidence in its technology and potential for future adoption.
According to Santiment, the number of addresses holding 100 million to 1 billion XRP tokens has increased since July 23. This indicates a 38% to 40% increase in supply, indicating growing confidence among large holders. XRP has become an attractive option for whales, benefiting from recent regulatory victories and market sentiment.
Cardano, Chainlink also listed
Cardano saw a massive 10,878% increase in large holder inflows in a single day, surpassing the 5 billion level. This shows whales’ confidence in ADA’s potential for recovery. Cardano’s recent updates and ongoing development efforts have been well-received by the market, further increasing its appeal.
Chainlink has integrated TrueFi with the Cross-Chain Interoperability Protocol (CCIP) on its Ethereum and Arbitrum blockchain platforms. TrueFi, powered by Coinbase and Chainlink, is strengthening the decentralized finance (DeFi) ecosystem by providing transparent and real-time financial data. This integration could further increase Chainlink’s adoption and usage, making it a popular choice among whales.
What does Trump’s participation mean?
The crypto market seems to have gained new momentum with Trump’s participation at the Bitcoin 2024 conference and whales’ movements in certain altcoins. Bitcoin’s recovery this week continues to attract investors’ attention despite the volatile nature of cryptocurrencies. These developments indicate a critical period for investors in the market to review their strategies and evaluate potential earning opportunities.
While new developments occur every day in the cryptocurrency world, investors and analysts continue to follow the market closely. In particular, the movements of large whales continue to be an important indicator for small investors. Therefore, it is of great importance to consider market trends and the strategies of large players when investing in cryptocurrencies.
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