Altcoin Market Shifts to Recovery Mode! Traders Focus on BNB, REN, and MATIC!
The altcoin market has now entered a period of recovery. With Bitcoin’s price dropping below $50,000 in the last week, several popular altcoins saw major sell-offs, resulting in significant price drops. However, several altcoins have seen small gains in the last 24 hours as they attempt to buck the trend and climb the charts.
In the last week, Ethereum’s price has increased by over 4%, while Binance Coin’s price has increased by nearly 7% in a 24-hour period. The bullish turnaround hasn’t been universal across the industry, as is often the case.
Altcoins Rebound! Can we see Alt Rally Soon?
Surprisingly, data given by Santiment revealed that a few coins, such as Binance Coin, Matic, Ren Protocol, and others, stood out among the coins that were now rebounding. Although whales seem to be playing a larger role in the altcoin market in recent months, they may have led to the recent sell-off or been one of the weak links, given their high correlation with BTC, they seem to also be helping in the recovery for these coins.
BNB Price Sentiments
Binance Coin has been able to secure a solid recovery run with gains of over 19% since April 23, as well as sustain two primary price levels without dropping below them. According to Santiment’s Whale Hodlers percent shift model, BNB has seen whale accounts rise by 7.5 percent, which isn’t the biggest jump in comparison to other altcoins. It could be a sign of a shift in the industry, with a higher concentration of large accounts, which could have a significant impact on BNB’s price in the coming weeks.
Santiment stated that coins like Binance Coin, Ren Protocol, Matic, and others are seeing a surge in new large accounts and activity from this demographic. In the case of REN, data from IntoTheBlock revealed that 49.36% of its addresses can be classified as whales, with a slightly higher concentration of tokens than its retail trader demographic.
REN Market Sentiments
Throughout 2021, the coin’s long-term holder base has grown, with about 3.47k addresses holding REN in their wallets for more than a year. Traders who retain their assets for less than a year (specifically 1-12 months) continue to dominate the REN market, and the medium-long term market continues to attract a sizable portion of investors.
In the case of MATIC, the number of long-term traders who have been hodling for more than a year has increased by nearly 100% in the last quarter. According to market data, the number of addresses that have been sitting idle for more than a year has increased from about 1.7k in December 2020 to over 3.3k this month.
Many of these altcoins are experiencing an interesting change in their core population, as there is a small shift away from short-term gains to a more long-term approach. If the trend proceeds one could expect long-term hodlers to increase in number and drive the altcoin market in the looming months.