Whales Move to Buy Up Altcoins, Will the Altcoin Era Begin?

Bittime - The crypto market is once again enlivened by the maneuvers of big investors, or what are usually called "whales". They have recently shown great interest in Ethereum-based altcoins. 

Increased purchasing activity for ENS , UNI, AAVE, LDO and LINK tokens was recorded by blockchain data trackers. This buying action occurred following the approval of an Ethereum ETF by the SEC, which analysts interpreted as a positive signal for the altcoin market.

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With this surge in interest in altcoins, the question arises: could this shake Bitcoin's dominance and mark the start of the altcoin era? Let's explore more deeply the movements taking place in the altcoin market.

Also read: Altcoin prices are decreasing, what is the cause?

Whale Wallet Rushes Altcoin Accumulation

Based on Lookonchain data, the new whale wallet was seen actively buying large amounts of altcoins from the centralized exchange (crypto trading center) Binance. Here are the details of their purchases:

• Ethereum Name Service (ENS): 82,040 tokens worth IDR 31.68 million (approx. $1.98 million)
• Uniswap (UNI): 214,465 tokens worth IDR 31.52 million (approx. $1.97 million)
• AAVE: 39,762 tokens worth IDR 63.54 million (approx. $3.97 million)
• Lido (LDO): 2,389,987 tokens worth IDR 88.64 million (approx. $5.54 million)
• Chainlink (LINK): 65,541 tokens worth IDR 18.08 million (approx. $1.13 million)

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This massive purchase reflects growing confidence among large investors. This is likely driven by the positive outlook post Ethereum ETF approval.

Also read: The Influence of Bitcoin Prices on the Fate of Altcoins

Effects of Ethereum ETF Approval

Following the approval of the ETF , trading volume in the Ethereum ecosystem jumped 16% in just 24 hours. This shows increased interest and activity from investors. Although some Ethereum tokens have seen price increases, the market has not experienced the explosive boom that usually occurs at the peak of altcoin season.

Crypto analyst Dan Gamberdello sees the SEC approval as a bullish (optimistic) signal for altcoins, while marking Ethereum as a legitimate "commodity."

Another analyst, CryptoYoddha, believes that the altcoin has the potential to surge significantly in the coming weeks. He predicts that Ethereum's strength and Bitcoin's declining dominance will benefit altcoin performance.

Vitalik Buterin Receives Starknet Token Grant

In related news, Ethereum co-founder Vitalik Buterin received 845,205 STRK tokens worth around IDR 17.12 million (around $1.07 million) from Starknet's Locked Token Grant contract. 

The grant highlights Buterin's early support and ongoing involvement in Starknet, Ethereum's Layer 2 network aimed at improving scalability and efficiency. 

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Awarding tokens to key figures like Buterin aims to encourage innovation and wider adoption of Starknet within the Ethereum ecosystem.

Looking ahead, the altcoin market promises significant opportunities. Analysts predict that the five altcoins mentioned above will outperform the others, offering huge returns for investors ready to take a chance.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Altcoin Season: Will It Come After Bitcoin Halving?

Ethereum Based Altcoin: Ethena (ENA) on Binance

Massive Token Unlock 3 Altcoins: AVAX, PYTH, ID

Altcoins Could Plunge 40% Against Bitcoin! Here's What the Experts Say 

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.