Altcoins Enter Deeper Correction With Strong Whale Activity

The broader cryptocurrency market has entered a sharp correction falling nearly 7% and eroding nearly $70 billion of investors’ wealth over the last 24 hours. Amid this development, some altcoins are showing strong whale activity.

The Bitcoin price has witnessed a steep fall under $20,000 and investors should watch out for crucial support levels going ahead. Some market analysts believe that BTC holds the potential to further correct to $15,000 in case the selling pressure continues.

Apart from Bitcoin, altcoins too have entered a pretty solid correction. Ethereum (ETH) is down by 8.40% and currently trading close to the $1,400 levels. Other altcoins like Polygon (MATIC), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC) have corrected 9-10%.

During such a dip, there have been massive whale moves hunting for altcoins. Three altcoins: Polygon (MATIC), Fantom (FTM), and Aavegotchi (GHST) have seen solid moves recently.

Altcoins With Strong Whale Activity

On Thursday, March 9, a total of 58,885,143 MATIC ($62.1M) transactions were made by whales. However, on-chain data provider Santiment reports that these were “an exchange address moving coins to another exchange address”. thus, there’s no major positive indicator as of here. Santiment reported:

“Usually, this kind of transfer reflects a whale selloff at worst, or a routine move to another exchange address at best”.

Fantom (FTM) has been another altcoin that has seen massive selling pressure this month in March. After a strong start to 2023, the FTM price has corrected by more than 40% over the last month.

Santiment notes: Fantom’s “latest big transaction was a $10.2M move within an exchange. So far, the price has plummeted after this massive funds transfer”.

The lesser-known altcoin Aavegotchi (GHST) has witnessed extreme price swings with whale transactions having a major impact on the price.

Santiment reported: “Today, GHST had an $8.2M single transfer from an exchange address to another exchange address as markets will falling. You can see that there was a series of major on-chain transaction volume right around the top on the 21st through 23rd”.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.