• The crypto market has dropped significantly, especially in the last seven days.
• Altcoins are seeing a steep decline, with Bitcoin and Ethereum trading in negative territory.
• A few altcoins have seen whale activity, suggesting that large investors may be transacting with certain tokens.
Crypto Market Experiences Significant Decline
The crypto market has significantly declined, particularly in the last seven days, and altcoins are seeing a blood bath. Crypto assets like Bitcoin, Ethereum, Binance coin, and more are trading in the red zone. In the meantime, it’s impossible to tell when the next significant reversal will occur.
Whale Activity With Certain Altcoins
According to data from Santiment, some altcoins, including Fantom (FTM), Polygon (MATIC), and Aavegotchi (GHST), have seen massive whale activity over the past 24 hours. Despite the ongoing market downturn, these large investors have transacted with vast amounts of these altcoins. However, the on-chain data provider noted that the activity was mainly the transfer of these tokens from one exchange address to another.
These altcoins have notably displayed some significant corrections over the last few days. In the case of Fantom, there has been significant selling pressure which negates its positive price movements in early 2021. In the last 4 weeks Fantom has experienced a correction of over 40%. Aavegotchi also saw some trading activity from whales according to an $8.2 million transfer amid falling market prices at that time.
Recent Crypto Market Trends
The broader crypto market has significantly declined by 6.66% in the last 24 hours bringing its capitalization to $928 billion while its global trading volume is up by 60% reaching $69 billion within that same period .
It remains unclear when this bearish trend will reverse itself but it is evident that a select few altcoins have seen meaningful transactions from larger investors despite this dip . This suggests that there may be hope for further growth once conditions improve .