With the cryptocurrency Bitcoin surpassing the $52,000 level, 94% of BTC owners are now in profit. It is suggested that the profits from Bitcoin are likely being transferred to altcoins such as INJ, RPL, PLA, STPT, and BAT, as there are significant increases in whale transactions for these cryptocurrencies. In the coming days, significant price movements could occur for these five altcoins.
Increases in Whale Transactions
An increase in whale transactions worth $100,000 typically occurs before a rally towards a local peak of an asset. As the price of Bitcoin reached its two-year high of $52,816 on Thursday, February 15, the substantial increase in BTC price has catalyzed gains in altcoins.
On-chain analysts at Santiment believe that profits from Bitcoin are flowing into altcoins, leading to an increase in whale activities.
Altcoins See Surge in Whale Activities
Data from crypto intelligence tracker Santiment reveals an increase in large volume transactions of $100,000 or more in altcoins such as Injective (INJ), Rocket Pool (RPL), PlayDapp (PLA), STP (STPT), and Basic Attention Token (BAT).
These protocols, as seen in the Santiment graph above, recorded high levels of whale transactions between February 7-13.
Looking at Santiment charts for INJ and BAT, the increase in large volume transfers by whales precedes the price increase of the assets. If the trend repeats, the interest of whales could catalyze gains in these two altcoins.
95% in Profit
According to IntoTheBlock data, when the cryptocurrency Bitcoin price was at $51,836, approximately 95% of BTC owners were in profit. As per the table below, a small percentage of BTC owners, 4.15%, are currently sitting on unrealized losses.
As volatility continues in cryptocurrencies, in the coming weeks, more profits from Bitcoin could be directed to altcoins with large volume transactions, making them the best option for investors.
At the time of writing, the flagship cryptocurrency Bitcoin is trading at $52,340. BTC attempted to break the $53,000 level yesterday but was unsuccessful.
