Top Altcoins Record Massive Whale Transactions Amid Market Downtrend

The crypto market has significantly declined, particularly in the last seven days, and altcoins are seeing a blood bath. Crypto assets like Bitcoin, Ethereum, Binance coin, and more are trading in the red zone. In the meantime, it’s impossible to tell when the next significant reversal will occur.

But amid the bearish crypto market, a few altcoins have been experiencing significant whale activity, signifying that large investors transact with the tokens.

Some Altcoins See Whale Activity

According to data from Santiment, some altcoins, including Fantom (FTM), Polygon (MATIC), and Aavegotchi (GHST), have seen massive whale activity over the past 24 hours. Despite the ongoing market downturn, these large investors have transacted with vast amounts of these altcoins. 

However, the on-chain data provider noted that the activity was mainly the transfer of these tokens from one exchange address to another. These altcoins have notably displayed some significant corrections over the last few days.

In the case of Fantom, there has been significant selling pressure, which negates its positive price movements in the first period of 2023. In the last 4 weeks, Fantom has seen a significant correction of over 40%.

According to the Santiment report, the most recent transaction of the coin amounted to approximately $10.2 million. The considerable selloff resulted in a rapid decline in its price.

Aavegotchi, a non-popular token, also saw some trading activity from the whales. This is evident from the $8.2 million transfer in one transaction amid the falling market.

The on-chain data provided noted how this transaction increased its trading volume, causing swings in its price at the time.

Recent Coin Activities In The Broader Crypto Market

The broader crypto market has significantly declined by 6.66% in the last 24 hours, bringing its capitalization to $928.41 billion. However, the global market trading volume is up by 60.65%, reaching $69.40 billion within the same period.

Notably, bitcoin and several other tokens have traded in red over the last seven days. Bitcoin, being the most significant token by value and market cap, has eventually declined below the $20,000 price mark and now trades at $19,891. Its 24-hour and 7-day price decline currently stands at 8.05% and 11.09%, respectively.

Ethereum, on the other hand, has also plunged lower than the $1,500 price level and currently stands at $1,394. Ethereum’s price is now down by 10.68% in the past week and 8.74% over the last 24 hours.

The falling prices of tokens have kept investors uncertain as they watch out for the next strong support level. Some crypto analysts have previously predicted that BTC will fall as low as the $15,000 price level before the bear market is over. It’s now left to be seen where and when the next reversal will occur.

Featured image from Pixabay and chart from Tradingview.com