Published on augustus 1, 2024, 12:28 am
Image source: Fox News
```json [ { "TLDR": "Altcoin sector breaks out after 525 days of accumulation, indicating a potential uptrend. Crypto whales are strategically positioning themselves for the anticipated altcoin rally. Significant preference for buy-limit orders seen among whales, creating substantial buy walls for major altcoins. Specific altcoins like SOL, MATIC, ADA, and others expected to benefit, while XRP, LINK, BNB, and others lag in projected buy orders. Market sentiment suggests a potential upsurge in altcoin performance." } ] ```
In recent developments within the crypto market, it has been noted by pseudonymous trader Mags that the altcoin sector has finally broken out following 525 days of accumulation, signaling a potential uptrend in the near future.
CryptoQuant’s founder, Ki Young Ju, has observed significant movements among crypto whales as they position themselves strategically for the anticipated altcoin rally. This comes amid ongoing debates within the trading community regarding the commencement of the much-anticipated alt season.
Ju’s analysis places emphasis on the 1-Year Cumulative Buy/Sell Quote Volume Difference for Altcoins, a key metric used to gauge the discrepancy between buy and sell limit orders over a one-year time frame. The surge in this metric suggests a growing preference among whales for buy-limit orders to mitigate slippage, indicating substantial buy walls being established by major investors and institutions for future altcoin demand.
Highlighted by CryptoQuant’s founder are specific altcoins like Solana (SOL), Polygon (MATIC), Cardano (ADA), Cosmos (ATOM), PancakeSwap (CAKE), My Neighbor Alice (ALICE), Ampera (AMP), Ankr Protocol (ANKR), and Chilliz token (CHZ) that are poised to reap significant benefits from the escalating levels of impending buy orders.
Conversely, tokens such as XRP (XRP), Chainlink (LINK), Binance token (BNB), Compound Finance (COMP), Bancor Network (BNT), and Aave lending protocol(AAVE) are currently experiencing deficiencies in projected buy orders.
Adding to this market sentiment is crypto analyst Jamie Coutts’ outlook on altcoins. Drawing from data on the Top 200 Equal Weight Index, Coutts suggests that we might have reached a market bottom with indications pointing towards a potential upsurge in altcoin performance. This index monitors the price movements of the top 200 altcoins concerning Bitcoin’s price performance, signifying whether certain coins are surpassing Bitcoin percentage-wise. Notably, when Coutts made his assessment, figures ranged between 10-20%.
Furthermore, trader “Mags” highlights an ongoing re-accumulation phase in the altcoin market. With average gains of only 58% post-breakout from prolonged accumulation phases, Mags predicts a temporary dip before further advancements in digital asset valuations.
Original article posted by Fox News
