Are Whales Banking On Altcoins like ETH,COMP, BAND For A 25% Surge

The global crypto market’s rise from its shadows has been baffling for the crypto fraternity. Who had little expectations of the market rebounding at this brisk pace? Folks from the business have been lucubrating the events that led to the revival of the market’s positive trends.

In the midst of the market’s rebound, the sudden spike in whale accumulations has enticed merchants and investors. Who are now keen on the top accumulations of whales. According to sources, ETH, ENJ, AXS, COMP, and BAND have seen bigger accumulations by the whales.

Are These Alts Now The First Choice Of Whales?

Ethereum (ETH):

The largest altcoin at the time of press is changing hands at $2,642.24 with gains of 10.7%. The market cap of the digital asset is presently hovering around $316,103,060,420. Which has led to its market cap dominance at 17.68%. ETH price has been trading in the bandwidth from $2,363.85 to $2,692.61, since the past 24-hours. Successively, despite the turbulence, the ETH price is up 24.15% from its cycle low of $2,179.60.

Talking about metrics, Ethereum has been longing for its merger to ETH 2.0. As the fear of price being circumscribed to levels around $2500 continues to reside. Consequently, Open Interest in Perpetual Futures Contracts hit a 1-month low of $270,068,600 on Deribit. While the futures open interest hit a 4-month low of $469,654,139. The amount of supply last active 1y-2y (1D MA) has hit a 14-month high of 25,906,979.305 ETH.

Enjin Coin (ENJ):

ENJ at the time of writing is trading at $1.37 with profits scripted at 14.5%. The market cap of the digital asset is hovering around $1,275,960,928. In the interim, ENJ price has been trading in the bandwidth from the lows of $1.18 to the highs of $1.41. The altcoin has risen over 18% from its cycle low of $1.18, which was recorded on the 24th of February. 

Learning from data on Messari, the market cap dominance has been on a slide since the 15th of February. The current market cap dominance is at 0.07%. The volatility factor of the coin has been directly proportional to the price of the digital asset. And has been on a roller coaster ride since the start of the year. The circulating supply is currently at 934,340,659, which is on a steady climb since mid Q4.

Axie Infinity (AXS):

The price of the digital asset at the time of press is at $48.93 with gains engraved at 13.4%. The market cap of AXS is floating around $3,550,644,413, whilst the market cap dominance is at 0.20%. AXS price has been trading in the 24-hours frequency from $42.70 to $49.79. The crypto asset is up 16.09% from its cycle low of $42.31, which was scripted the past day.  

The market cap dominance of AXS is on a steady downfall since its peak in mid Q4. The asset did attempt a reversal at the start of the month. However, the bearish trends have clawed down the numbers. Talking about volatility, the numbers have been building up since the start of the year. The current factor stands at 1.23. Conversely, The inflation rate is at a startling 47.66%.

Compound (COMP):

COMP at the time of writing is trading at $108.41  with profits scripted at 10.2%. The market cap of the digital asset is hovering around $714,287,109. In the interim, ENJ price has been trading in the bandwidth from the lows of $97.39 to the highs of $109.80. The altcoin has risen over 14.96% from its cycle low of $94.68, which was recorded on the 24th of February.

The market cap dominance of COMP is on a slide off-late, with dominance at 0.04%. The count of active addresses has been lacking zeal since Q4. The transaction volume of the digital asset is depleting off-late, as of the previous day the numbers are at $11.35 M. The adjusted transaction volume has been no different, with numbers for the previous day standing at $8.29M.

Band Protocol (BAND):

The price of BAND at the time of writing is changing hands at $3.57, with profits recorded at 11.4%. Whilst the market cap of the asset is hovering around $148,413,156, the market cap dominance is at 0.01%. The digital asset is trading along with the 24-hours bandwidth from $3.17 to $3.62. BAND is up 21.48% since its cycle low of $3, which was registered on the 24th of January 2022.

The market cap dominance has experienced minor fluctuations owing to the lesser market cap in comparison to bigger players. The volatility factor of the digital asset has been climbing the ascend lately. Post its recent pullback, BAND has been continuing its upward momentum. The inflation rate of the digital asset is presently at 10.14%.

Concluding, the altcoins bought by the whales have steered curiosity and enthusiasm in space. As the list includes both high cap and low cap altcoins, which escorts balance to the portfolio. That said, the whales have rolled up their sleeves for a bullish leg-up which could soon accompany the much-needed alt season.