Following a lengthy phase of stabilization, I’ve noticed an uptick in cryptocurrency activity this week. The total market capitalization of cryptocurrencies has grown by approximately 2%.
The fresh surge of energy has sparked big-time investors to amass certain alternative cryptocurrencies. Some of the coins, such as Ripple (XRP), Litecoin (LTC), and Toncoin (TON), have shown a rise in significant investor activity.
Ripple (XRP)
This week has witnessed a surge in significant investment by whales (large investors) in Ripple’s XRP. According to Santiment, these whales, who hold between one and ten million XRP tokens, have purchased approximately 180 million tokens worth over $590 million at the current market price within the past seven days.
Beyond positive feelings in the market about XRP, the buildup by large investors (whales) can also be attributed to speculation that President-elect Donald Trump may establish a strategic U.S. reserve of cryptocurrencies, with reports suggesting XRP could be included along with other assets in this potential portfolio.
Regardless of the Securities and Exchange Commission in the U.S. initiating its appeal against Ripple Labs, large XRP investors have persisted in purchasing the coin. This legal action has not lessened the interest among investors in Ripple’s XRP, as its value reached a new peak on Thursday.
Litecoin (LTC)
This week, there’s been increased interest in Litecoin (LTC) among large-scale crypto investors, often referred to as ‘whales’. Over the past seven days, whales who possess over 10,000 coins have accumulated approximately 300,000 LTC, which is valued at more than $41 million.
The growing momentum for this trend is due to high hopes that a Litecoin exchange-traded fund (ETF) could soon be approved in the United States. Canary Capital’s recent adjustment to its registration form with the Securities and Exchange Commission (SEC) on January 15 suggests we are moving closer to making this approval a tangible reality.
If the trend persists, LTC’s price will climb to $147.
Toncoin (TON)
This week, Telegram-related cryptocurrency Toncoin (TON) has been a popular choice among big-time crypto investors, as indicated by the significant 1048% increase in transactions from large holders over the past seven days.
In simpler terms, “Large holders” refer to wallets associated with whales (significant investors) who possess over 0.1% of a given asset’s total circulating amount. An increase in their net flow indicates that these whales have bought more coins than they have sold during the specified period.
If TON whales continue to buy the altcoin, it may climb toward $6.
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2025-01-17 22:41