The market in Altcoin has now changed to regeneration. With Bitcoin falling below 50k$ last week, a significant drop in trading prices resulted in many leading currencies on the altcoin market.
In the past 24 hours, numerous altcoins began recording minor gains by reversing the trend and upgrading the charts. In the past week, Ethereum saw price increases of more than 4%, while Coin’s 24-hour increase was close to 7%. But as often happens, the bullish reversal was not uniform throughout the market.
It is interesting to note that the data given by Santiment showed that certain coins, such as Binance Coin, Matic, Ren Protocol, etc., were among those that now bounced back. In addition to their high connection with BTC, while wales seem to have played a larger role on the altcoin market in recent years and have contributed to the recent sale, or are perhaps one of the weakest ties, they also appear to contribute to the recovery for the coins.
Binance Coin has been able to achieve a good recovery cycle and record over 19 percent gains since 23 April, while maintaining two primary prices without dropping below. BNB also saw the whale accounts increase by 7.5 percent based on its Whale Hodlers percent change model, according to data provided by Santiment, and although this is not the highest leap compared to other altcoins, it can indicate a trend change in which BNB’s market retains a greater concentration of major companies, which can have a substantial impact on its prices over the next week.
Santiment pointed out that new large accounts and increased activity are now being formed among coins such as Binance Coin, Ren Protocol, Matic etc. In the case of REN, IntoTheBlock data showed that around 49.36 percent of its addresses are considerably more whales than its trader demographic with a significantly larger concentration of tokens. The coin has been growing over the whole of 2021, too, and REN in wallets has held around 3,47k addresses for over a year.
For the REN market, however, traders with assets held for less than a year (1-12 months to be exact) still control the market and a large proportion of the investors still hold on the medium-term market.
In the case of MATIC, long-term traders who had been traders for more than one year have increased by almost 100 percent in the last quarter. Market figures suggest that addresses that have been hodging for more than one year have increased from around 1.7K in December 2020 to over 3.3k in this month. This represents a fascinating change in their main demographics for all of these altcoins, so it slightly moves away from short-term advantages into a more sustainable solution. If the pattern persists, long-term hodlers could expect to grow and boost the altcoin market over the next few months.
