As Bitcoin’s price soars to a peak of $71.7K, altcoins are experiencing significant gains driven by profit redistribution.
In the past week, altcoins in the social sector have seen an average rise of 11.4%, those on the BSC and Binance Chain have risen by 6.9%, and the gaming sector has increased by 6.5%.
đ Choosing between the many altcoin options that are surging due to Bitcoin profit redistribution after jumping as high as $71.7K, consider:
đŖī¸ Social: +11.4% avg. rise, past week
đĒ BSC & Binance Chain: +6.9% avg. rise, past week
đšī¸ Gaming: +6.5% avg. rise, past week pic.twitter.com/obcJauS2hy— Santiment (@santimentfeed) June 6, 2024
Among the top performers are Cardano, Shiba Inu, and Jasmy, each benefiting from heightened whale interest. The volume of $100K+ transactions on these networks has more than doubled this week compared to the usual 2024 averages, indicating strong accumulation activity.
Cardano, a well-established player in the blockchain space, has seen a notable uptick as large investors flock to its network. The increased transaction volume reflects confidence in Cardano’s long-term potential and its robust ecosystem.
đ #Cardano, #ShibaInu, and #Jasmy are all enjoying surges, each appearing to be triggered after a spike in whale interest. The amount of $100K+ transactions on each of these networks have all more than doubled this week compared to usual 2024 averages, signaling accumulation. pic.twitter.com/bz2Xtvf2Bx
— Santiment (@santimentfeed) June 5, 2024
Shiba Inu, often dubbed a “meme coin,” is demonstrating its growing appeal beyond its initial hype. The significant whale activity suggests that investors are betting on Shiba Inu’s potential for substantial returns, driven by its strong community and development efforts.
Jasmy, a relative newcomer, is making waves with its innovative approach to data democratization. The surge in high-value transactions indicates that large investors are recognizing its potential to disrupt traditional data management and privacy systems.
The recent performance of these altcoins highlights the dynamic nature of the cryptocurrency market, where rapid shifts in investor sentiment can lead to substantial price movements. The redistribution of Bitcoin profits into promising altcoins underscores the ongoing diversification within the crypto investment landscape.
In summary, as Bitcoin reaches new heights, altcoins like Cardano, Shiba Inu, and Jasmy are enjoying significant surges. Increased whale activity and substantial transaction volumes signal strong accumulation, pointing to a promising outlook for these altcoins in the near term. Investors are closely watching these developments, seeking opportunities for high returns in the evolving market.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.