In a new report on market conditions, crypto analytics firm Santiment says the big Bitcoin (BTC) and Ethereum (ETH) holders are preparing themselves for a rally.
Santiment says individuals holding 1000 or more Bitcoins dominate a larger share of the BTC market, suggesting that whales may be on the verge of triggering a strong upward reversal.
“The largest holders of Bitcoin (1,000+ BTC) now hold 42.56% of the total supply after holding 43.29% on February 8 (the highest level in 54 weeks). A return of over 43% will be an indication that the whales want to feed another rally. "
Whales also hold a significant portion of Ethereum, according to Santiment: “Ethereum's top 10 off-the-exchange whale addresses hold the most ETH token supply (16.86M) since July 2016. On March 1, 1.03M single-day tokens were added to these addresses. Highest daily bounce in 6 weeks! ”
Although whales seem to be preparing for cryptocurrency number one and two to pave the way to new heights, according to Santiment data; Cryptocurrencies such as Polygon (MATIC), blockchain game currency Enjin (ENJ), Theta blockchain governance token Theta Fuel (TFUEL) and XinFin (XDC) outperform all other cryptocurrencies, especially BTC.
“While Bitcoin's volatility continues (as it briefly did yesterday) while trying to exceed $ 50,000 again, altcoins mostly earn from the number one cryptocurrency. MATIC, ENJ, TFUEL and XDCE are just one of the few projects that lay the foundations. ”
Recently, Santiment also announced the fastest growing Ethereum-based projects for the month of February. Respectively:
Gnosis (GNO)
Status (SNT)
Decentraland (MANA)
UMA Protocol (UMA)
Chainlink (LINK)
Skale Network (SKL)
MakerDAO (MKR)
Ocean Protocol (OCEAN)
Golem Project (GLM)
Santiment Network Token (SAN)
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