Crypto insights firm Santiment says deep-pocketed crypto investors have been stocking up big on one large-cap altcoin while markets undergo price dips.
Santiment tells its 117,000 Twitter followers that whales, or holders with wallets that contain between one million and 10 million XRP, accumulated over 19 million more of the eighth-largest cryptocurrency in the last three months.
“XRP is currently sitting at about $0.81, but smart money whale millionaires have kept up their one-year trend of accumulating more supply. Addresses with 1 million to 10 million XRP hold 3.31 billion, including a 6% increase to their holdings in the past three months.”
XRP is trading at $0.81 at time of writing, indicating that smart money whales now hold over $2.66 billion worth of XRP.
Santiment also has its eye on Ethereum (ETH). According to the analytics firm, the decrease in Ethereum’s transaction fees may be encouraging users to participate in the network.
“Now, we may be seeing a new wave of interest in ETH spurred by low(er) barriers to entry. New addresses interacting with ETH show the same (diverging) pattern.
Early to say, but might be a sign of renewed fundamental strength for the second-largest coin?”
Looking at Bitcoin, the crypto analytics firm says a bullish signal may be looming within its fearful and skeptical market. According to Santiment, trader sentiment is hinting that BTC is already in the process of carving out support.
“With Bitcoin’s temporary drop back below $48,000, trader sentiment has now dropped into bearish territory, as people are now becoming skeptical of a return to mid-November prices. Historically, negative sentiment is an early sign of a BTC price bottom.”
Check Latest News Headlines
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/Tithi Luadthong/Natalia Siiatovskaia