The sudden growth of market capitalization by more than 2%, from $279 billion to $285 billion, is associated by the players with a series of positive conclusions on Ethereum. In fact, it could have been verbal interventions that pushed ETH up. And other coins followed it, including BTC.
However, it is unlikely that ETH will lead an uptrend in the quarter before the announced launch of Ethereum 2.0. It is about the fact that with that hype ETH can soar for a short time, and then drop. This is how you can understand the message of the analytical service Santiment, which says that TOP 100 whales put 700K ETH on the market. Santiment analysts believe that the whales are expecting the price of the second cryptocurrency to soar and are preparing to sell it at the peak. Santiment’s tweet reads, “This was likely pre-pump positioning & a forewarning of the pump.”
Nearly 700K $ETH were moved by top 100 whales in the past 3 days. Over this time, the combined balance of the top 100 non-exchange ETH addresses shrank by almost 700K ETH, or about ~$182.7M. This was likely pre-pump positioning & a forewarning of the pump. https://t.co/mcqQYGbZGd pic.twitter.com/pM3fM6TzwC
— Santiment (@santimentfeed) July 23, 2020
However, there may be another explanation. What if the whales anticipate an ETH drop and are in a hurry to sell it at its current price? Over the past 24 hours, Ethereum has risen by 14%, from $243 to$278. Trading volume increased by a quarter and amounted to $8.4 billion per day. Since the beginning of the year, ETH has grown by over 100%. Optimists are ready to see an uptrend. They note that the leading cryptocurrency has also grown, albeit not so significantly, by 40%. Co-founder of crypto-analytical platform Blockroots states that $10K resistance level remains for Bitcoin. Bullrun can only start if BTC breaks this “holding ground”.
The head of Blockroots also draws attention to the fact that the long-awaited bullrun may not be led by the leading coins, but by other altcoins. The analyst mentions three coins that few of the players paid attention.
The NOIA Network (NOIA) has skyrocketed 65% recently, due to partnership with companies that are not interested to be announced. Perhaps they have a non-disclosure agreement (NDA). The coin is ranked 285th in the CMC rating.
Augur Coin (REP), 43rd in CMC, the Ethereum blockchain marketplace, has surged 24% this week. Next week, the project is rolling out a truly working second version, that’s why Blockroots predicts the further rise of the REP by 40-50%.
Only two weeks have passed since the FIO Protocol (FIO) was listed on exchanges, it is rated only as 2164 in the CMC 2164 rating, and its growth has already reached 36%. Blockroots predicts the project will receive 2X.
But there are also other opinions and concerns about the market. Some of the respected analysts believe that some small-cap altcoins have never made a difference, nor will they do now. And Bitcoin, having overcome the $9,400 mark, gets into a zone of turbulence, and equally likely will surge and drop.