The post Is It the Start of the Altseason as Traders Rush to Acquire These Altcoins? appeared first on Coinpedia Fintech News
After witnessing dreadful days in 2022 fueled by multiple fallouts and bankruptcies, the crypto space now appears to have ignited a strong recovery phase. Bitcoin price appears to have gained significant strength while the altcoins also seem to be poised to lead a magnificent run in the coming days. Hence, much prior to the Altseason 2023, the whales and traders appear to accumulate the altcoins at the discounted rate.
Ever since the beginning of 2023, Bitcoin price has gained significant momentum and hence maintains an elevated trend. However, other altcoins like AAVE, MATIC & DYDX have also gained significant attention. As per Santiment, these altcoins have also witnessed a notable rise in Whale transactions in the past 30 days.
Therefore, the on-chain data provider cautioned to have a close look at these assets saying,
“AAVE (+56% 30d price), MATIC(+35%), and DYDX (+94%) have all seen dramatic rises in the number of whale transactions on their respective networks over the past month. The increased large address interest in these assets should be watched,”
Besides, the traders who were quite pessimistic, a few days before, now appear to have turned extremely bullish on some altcoins. As per a popular analyst, Micheal van de Poppe, traders are now heavily accumulating Aptos, Fantom, and Polygon.
People are so eager to rush into positions on $APT, $FTM and $MATIC right now.
However, a month ago the same people were so eager to sell all their #crypto as we would go to $10k.
— Michaël van de Poppe (@CryptoMichNL) January 26, 2023
Coinpedia had reported earlier that the money flow from the large-cap is happening to the lesser known-small cap tokens. Moreover, the intensified whale accumulation and a shift of focus of the traders to the altcoins, indicate the resurgence of a bullish trend, mainly, at the beginning of AltSeason 2023.
