ETH is trailed by two altcoins that experience significant whale accumulation. Chainlink and Litcoin have caught the attention of major investors that have been accumulating altcoins during the 2022 bear market.
some selling pressure, edging closer to $19,000.
On the other hand, few cryptocurrencies have been gaining traction, with significant whale accumulation and address activity.
Chainlink, an Oracle service provider, has been on the radar of large investors who have been accumulating altcoins during the 2022 bear market. The LINK price has been bouncing between $6 to $8, which is considered a key accumulation zone. According to an on-chain data provider:
During the 2022 bear market, Chainlink's shark and whale addresses (with 10k to 1m LINK) have been busily accumulating. Since March 3rd, these addresses have collectively added 47.31M LINK to their wallets. This equates to an additional $312.7 million invested.
Furthermore, Chainlink's social influence has lately increased, indicating that an increasing number of traders are becoming involved in cryptocurrency. Litecoin is another altcoin that has seen a surge in whale activity in the previous week. According to sources report:
In 2022, Litecoin has slipped under the radar, but address activity and whale transactions have skyrocketed this week. The timing of these hikes, particularly with $1m+ transactions on the network, coincided with LTC's rise vs BTC.
ETH Address Activity Is Dropping
Following the Merge event, the world's second-largest cryptocurrency, Ethereum (ETH), has been under heavy selling pressure. ETH is currently trading at $1,238 with a market valuation of $157 billion as of press time. as per sources data, Ethereum address activity has fallen to its lowest point since June 2022. It stated:
Ethereum's active addresses have dropped to 4-month lows, with weak hands continuing to slide post-merge and disinterest at an all-time high as prices have remained stagnant. Monday (Oct 18) was the first day since June 26th when there were fewer than 400k addresses on the network.
However, the broader cryptocurrency market is also under selling pressure, with major short positions forming in the previous week.
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