Ethereum (ETH) and Ethereum-Based Altcoins Become a Big Part of the Market

Ethereum (ETH) and Ethereum-based Altcoins Become a Big Part of the Market

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Whales are taking advantage of the market crash to buy Ethereum-based altcoins.

WhaleStats, a whale tracker, analyzed 1,000 wallets to identify the eight most bought altcoins. Number one is the memecoin Shiba Inu (SHIB). The second place is taken by Basic Attention Token (BAT), this token is used for advertising campaigns in the Brave browser known for its integrated cryptocurrency wallet. Immediately after the launch of the wallet, BAT skyrocketed by 37%.

The next one is the stablecoin on Ethereum USD Coin (USDC). It is followed by the platform for gaming and non-fungible tokens (NFT) Enjin Coin (ENJ). Chiliz (CHZ), a social sports token, is the fifth most popular coin for whales. The pathetic memecoin Dogelon Mars (ELON) is in sixth place, it tries to compete with both Dogecoin (DOGE) and Shiba Inu (SHIB), and judging by the title, it counts much on the support of Elon Musk.

Recently popular among investors, the Decentraland (MANA) meta-universe token is in seventh place. And finally, the Ethereum Name Service (ENS) token has become popular after the massive airdrop, it serves as a utility token for managing NFT domains on the Ethereum network. WhaleStats emphasizes that the most popular altcoin among whales is Ethereum (ETH) itself.

Many analysts expect altcoins to become more active in the cryptocurrency market. Indeed, bitcoin’s market share has plummeted from 70% to 40% from the beginning of the year to May. After that, Bitcoin Dominance balances in the 40% – 47% corridor, and lately, it is close to the 42% level. The share of Ethereum has doubled since the beginning of the year, from 10% to over 20%.

Market shares of other altcoins are also growing, including Binance Coin (BNB), Solana (SOL), Cardano (ADA), Polkadot (DOT). Raoul Pal, founder, and CEO of the Real Vision media platform highlights two more smart contract platforms, Avalanche (AVAX), Terra (LUNA). However, he does not consider them “ETH killers”. The expert notes:

– The pie is getting bigger and slices may vary in size and will increase in number over time, but most are getting bigger too.

Raoul Pal is a passionate supporter of Ethereum and believes that the most important chart for the market in the near future will be the ETH / BTC chart. Since May, the ratio of the leading currencies has been changing in the corridor from 0.056 to 0.08. “A break higher will lead to more risk-seeking into the year-end,” the expert said. At the same time, he hopes that bitcoin can rise either.