These Altcoins Defy Wider Market Correction, ETH Whales Accumulate
The wider cryptocurrency market has been under severe selling pressure in the last three to four days, falling below the $800 billion market cap. However, a few altcoins such as Tron (TRX), Chainlink (LINK) and Litecoin(LTC) have seen renewed investor interest, thus defying the market correction.
Although Bitcoin and Ethereum were in heavy correction on Monday, Chainlink (LINK), an oracle service provider, saw a strong uptick. Chainlink (LINK), which trades at $6.07, is up 5.96% as of press time. This is because Chainlink’s address activity is on the rise. On-chain data provider Santiment reported:
Chainlink rose a mild +3% Monday, despite #Bitcoin and #Ethereum falling. The main story is the sudden surge in active addresses at $LINK, which began around the time of the @FTX_Official fallsout and is still at a one-year high.
Courtesy of SantimentAs at press time, many other digital assets and altcoins are also doing well. Tron’s native cryptocurrency TRX has risen by 3.6%, trading at $0.05191 and having a market cap $4.7 billion. The altcoin is also trading within the positive zone of the weekly chart.
Tron DAO celebrated an important milestone earlier this month. Between November 7 and November 13, the total number associated with Tron blockchain accounts reached 119 949,499, with the total number transactional transactions reaching a record 4.19 billion. Tron’s blockchain height has reached 45.83Million. The total-value-locked (TVL), peaking at $12.3 Billion.
Litecoin (LTC), another altcoin, is showing strength and trading 3% higher at $62.07 with a market capital of $4.4 billion. It has also made Solana the fifteenth largest cryptocurrency by market capital. The LTC price has increased by 8% in the past seven days. On Monday, the Litecoin Foundation celebrated an important milestone in the blockchain.
The 135,000,000th transaction was processed by the Litecoin Network.
Over 11 years of uninterrupted, uncensorable, flawless uptime. pic.twitter.com/bMbcp7ecHg
— Litecoin Foundation (@LTCFoundation), November 20, 2022
Altcoins Ethereum Recovers Whale Buying
The FTX collapse has hit the second-largest cryptocurrency Ethereum (ETH). Concerns about a massive dump were raised by the news that an FTX hacker has amassed large amounts of Ethereum (ETH). In the wake of this news, the ETH price plummeted to $1,100.
On-chain data however shows that Ethereum whales have recommenced accumulation at their end. On-chain data provider Santiment reported:
The large Ethereum whales, which hold $10.9M to $1.09B, have added 947940 more $ETH yesterday. This amounts to $1.03B. This is the 5th largest single-day add in the last year. In the past four instances, $ETH’s value vs. $BTC increased an average of +3.2% over the next three days.
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