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Although the price of Bitcoin may be boring, some altcoins have already started sending signals of an upward trend. There are even those who have reached ATH. Despite the negative market sentiment, speculative traders are finding ways to make profits. While Bitcoin is on the verge of a big move, whales have turned to 3 altcoins among the top 50 cryptocurrencies.
Crypto Whale Movements
When excluding Bitcoin (BTC), the global altcoin market value recorded an impressive rise in the first half of July. However, the rally has since retraced to a break-even level. XRP attracted attention last month, and on-chain data shows that some altcoins are further outperforming.
Arbitrum (ARB) Whales
On-chain data shows that crypto whales with a balance of 100,000 to 10 million ARB tokens added 98 million tokens to their wallet balances between July 15 and August 2. At the current market value of $1.14, the newly acquired 98 million ARB tokens are worth approximately $112 million. If whales continue their optimistic stance, it may only be a matter of time before ARB starts to rise.
Uniswap (UNI) Whale Purchases
The price of Uniswap (UNI) surpassed $6.50 for the first time since April on August 1, 2023. Although sales pushed the price down to $6.12, the sentiment among whales suggests that the rally may not be over. UNI whale transactions increased by approximately 600% between July 22 and July 31. This indicates that the rise in whale trading activity is one of the most important factors behind the ongoing UNI price increase.
Cardano (ADA) Whale Movements
While the price and network activity of ADA Coin experienced a sharp decline, resilient Cardano whale investors are swimming against the current to prevent a price collapse. Despite the drop last week, crypto whales with balances of 1 million to 10 million ADA continued to buy. The Santiment graph below shows that they added 150 million ADA coins to their wallet balances between July 14 and August 2.
ADA Coin is among the promising cryptocurrencies in August, as the size of the purchases has exceeded $45 million.
