In a new report on market conditions, crypto analytics firm Santiment says large Bitcoin and Ethereum holders appear to be readying themselves for a rally.
Santiment says individuals holding 1,000 or more Bitcoin are dominating a larger share of the BTC market, indicating that whales may be on the verge of fueling a strong reversal upward.
“Bitcoin’s largest holders (1,000+ BTC) currently hold 42.56% of the total supply after owning 43.29% on February 8th (a 54-week high), which fueled the February all-time high. A return above 43% will be an indication whales are looking to fuel another rally.”
Whales are also eating up a significant portion of Ethereum supplies, reports Santiment.
“Ethereum’s top 10 non-exchange whale addresses are now holding the most combined supply of ETH tokens (16.86M) since July, 2016. On March 1st, a single-day addition of 1.03M tokens was added among these addresses, the highest one-day jump in 6 weeks!“
Although it appears whales are preparing for the number one and two top crypto assets to forge a path to new heights, Santiment data shows that Polygon (MATIC), formerly Matic, blockchain gaming coin Enjin (ENJ), Theta blockchain governance token Theta Fuel (TFUEL) and XinFin (XDC) are outperforming all other crypto assets, especially BTC.
“As we continue to see volatility for Bitcoin as it attempts to breach $50,000 again (which it briefly did yesterday), altcoins are mostly gaining on the number one crypto asset. MATIC, ENJ, TFUEL and XDCE are among several projects making up major ground.”
Recently Santiment also revealed the fastest-growing Ethereum-based projects for the month of February. They are in order:
- Gnosis (GNO)
- Status (SNT)
- Decentraland (MANA)
- UMA Protocol (UMA)
- Chainlink (LINK)
- Skale Network (SKL)
- MakerDAO (MKR)
- Ocean Protocol (OCEAN)
- Golem Project (GLM)
- Santiment Network Token (SAN)
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Catmando