The past week ended at a very low level for the crypto market, as most cryptocurrencies plunged to monthly lows. Bitcoin, for example, slipped below $45,000, raising fears that it could slip into the $30,000 region if the bears continue to be so strong.
Ethereum, on the other hand, tried to assert itself. However, the traders were not very confident here either, as Bitcoin seemed to drag a large part of the altcoins into the abyss with it.
However, after the brutal sell-off towards the end of last week, the world’s largest cryptocurrency Bitcoin has shown a healthy upswing, gaining 5% yesterday (Tuesday) and rising above the $ 50,000 mark.
In general, the crypto market has begun to rise, albeit at a slow pace. Monday seemed to mark the end of the drastic market decline. On Tuesday, the majority of crypto coins were in the green area and most coins are still in the plus range today (Wednesday). Others, including Bitcoin (BTC) and Ethereum (ETH), seem to be moving sideways.
The recovery of the crypto market is attributed to the “whales” that accumulated digital assets after the sharp fall in prices. This is a sign that you are confident that the market will develop well in the future. And that future could begin soon.
Accumulation of whales
Ethereum blockchain data, for example, shows that the largest accumulation of whales occurred during the recent decline of the crypto market.
In addition to the accumulation of ETH and altcoins, the world’s best Ethereum whales are also stocking up on meme coins such as Shiba Inu (SHIB) and trendy Metaverse tokens.
According to reliable sources, wealthy crypto investors acquired Ethereum (ETH) worth $ 8.4 million, FXT tokens (FTT) worth $2.5 million, USD Coin (USDC) worth $2 million, Shiba Inu (SHIB) worth $ 1 million, and Gala tokens (GALA) worth $500,000.
Other coins that whales are hurriedly piling up include the stable Binance Coin (Binance USD), Decentraland (MANA), Wrapped Bitcoin (WBTC) and Serum (SRM).
We have also seen that large institutions like Microstrategy have added more Bitcoins (BTC) to their balance sheet during the market decline.