The cryptocurrency space has experienced heightened volatility in recent days as investors position their portfolios for maximum profits. Bitcoin (BTC) prices briefly surpassed $70,000 on Monday but quickly fell back below $68,000 during Tuesday’s early Asian session.
While most altcoins, led by Ethereum (ETH), have fallen over the past 24 hours, speculation has risen in the meme coin space.
According to the latest crypto oracles, meme coin projects such as Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), and Floki Inu (FLOKI) have recorded positive results over the past few days.
Altcoin season is here
After months of speculation and waiting, Bitcoin dominance has signaled the start of macro altcoin season. From a technical perspective, Bitcoin dominance ended last week below a macro uptrend, signaling a growing rotation of cryptocurrency cash into the altcoin space.
Additionally, the price of Ethereum has risen more than Bitcoin in the past few weeks following the recent approval of spot Ethereum ETFs in the United States and Hong Kong.
Moreover, the ETH/BTC pair is retesting the upper limit of the descending macro channel, which could lead to further upside.
Crypto Whale Reaction
According to on-chain data analysis provided by Santiment, the number of Bitcoin whales with wallet balances between 10,000 and 10,000 BTC has declined over the past two months. Similarly, Bitcoin transactions worth at least $100,000 have also declined significantly over the past two months.
Meanwhile, Ethereum wallets holding at least 10,000 Ether have added roughly 22 million ETH over the past 14 months. A similar trend has recently been observed among XRP wallets holding at least 10 million units. Specifically, XRP wallets holding at least 10 million units have added 3.17 billion units over the past 16 months.
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