According to Ki Yong Ju, CEO of CryptoQuant, crypto whales are positioning themselves for the next expansion of the altcoin market.
He claims that the whales are creating limit orders for altcoins on centralized exchanges (CEX) to avoid slippage and secure the best prices. Unlike market orders, limit orders buy an asset at a predetermined price and only execute once that price is reached.
Whales are preparing for the next altcoin rally.
Limit buy order volume for altcoins, excluding #Bitcoin and #Ethereum, is increasing, indicating that strong buy walls are being set up. pic.twitter.com/aOe3TxwVWE
— Ki Young Ju (@ki_young_ju) July 31, 2024
Ju also stressed that monitoring the volume of limit order quotes could show growing “buy walls,” signaling preparations for an altcoin rally.
He noted that time will be limited for those looking for discounts in altcoins once Bitcoin (BTC) breaks its all-time high (ATH):
Buy walls are forming in altcoins for both stablecoin and Bitcoin pairs, but volumes are still low. If altcoin season means a sharp increase in volumes, it hasn’t arrived yet. Now is the time to explore promising altcoins for the next bull market – timing may be short once Bitcoin reaches a new ATH.
Zhu compared Bitcoin’s current state to mid-2020, when it was trading in a range without retail-induced excitement. He advises patience as bullish periods are often short, powerful and sudden.
Despite common fears that global crises spell disaster for crypto markets, new data from Binance Research suggests the opposite may be true — at least for Bitcoin.
A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.
Cryptocurrency analytics firm MakroVision has shared its technical assessment of Chainlink (LINK) price action.
The U.S. Department of Justice has sentenced Dwayne Golden, 57, of Pennsylvania to 97 months in prison for orchestrating a fraudulent crypto investment scheme that stole over $40 million from investors.