Bitcoin Holders Gain as Major Altcoin Transactions Skyrocket

You can also read this news on BH NEWS: Bitcoin Holders Gain as Major Altcoin Transactions Skyrocket

Bitcoin‘s recent surge past $52,000 has resulted in the majority of its holders—94% to be precise—seeing profits. Observers have noticed an intriguing trend where Bitcoin gains seem to be moving into alternative cryptocurrencies, or altcoins. Notably, several such coins, including INJ, RPL, PLA, STPT, and BAT, are experiencing an upswing in large-scale transactions, hinting at potential impending price movements for these assets.

Whale Movements Signal Potential Rallies

Historically, an uptick in transactions over $100,000 by major investors, often called whales, precedes price rallies in cryptocurrencies. With Bitcoin hitting a two-year peak recently, the altcoin market is also heating up. Analysts from Santiment, an on-chain analytics firm, suggest that Bitcoin’s profits are possibly being channeled into lesser-known cryptocurrencies, thereby increasing whale activity in these markets.

Altcoins Attracting Big Investors

Santiment’s data highlights a flurry of large transactions within a selection of altcoins. Injective (INJ), Rocket Pool (RPL), PlayDapp (PLA), STP Network (STPT), and Basic Attention Token (BAT) have all seen significant whale transaction volumes between February 7-13. Charts for INJ and BAT in particular show a correlation between large volume transfers and subsequent price increases, suggesting that sustained interest from large investors could drive up these altcoins’ values.

High Profitability for Bitcoin Investors

Data from IntoTheBlock indicates that when Bitcoin’s price stood at $51,836, about 95% of Bitcoin investors were in profit, while only 4.15% faced unrealized losses. This profitability is expected to persist as the cryptocurrency market remains volatile, with the potential for more Bitcoin profits to be invested into high-transaction-volume altcoins, earmarking them as attractive prospects for investors.

Currently, Bitcoin is hovering at $52,340, with recent attempts to breach the $53,000 mark having fallen short. Nonetheless, the cryptocurrency market continues to present opportunities for profit, particularly through strategic investment in altcoins favored by whale transactions.

The post first appeared on BH NEWS: Bitcoin Holders Gain as Major Altcoin Transactions Skyrocket