As a seasoned crypto enthusiast with years of experience in this dynamic and ever-evolving market, I find myself intrigued by the insights shared by Ki Young Ju, the founder of CryptoQuant. His analysis, based on the difference between buy and sell orders for altcoins over the past year, offers valuable insights into the behavior of large investors and their potential impact on the market.
Ki Young Ju, the founder of CryptoQuant, has pointed out a widespread pattern among creators of cryptocurrencies. He indicates that these innovators appear to be readying themselves for an anticipated rise in altcoin prices. He emphasizes that the recent surge in buy-limit orders from major investors is driving this trend.
On platform X (previously recognized as Twitter), user Ju shared insights, highlighting a significant statistic comparing buy and sell activities of altcoins over the last year.
For some individuals, this indicator might seem confusing, so let me clarify: On trading platforms, when you place a market order, it’s classified as ‘taker volume.’ Conversely, if you use a limit order, it’s categorized as ‘quote volume.’ Large trades by whales and institutions, such as market makers and brokerages, typically employ limit orders to avoid influencing the market price excessively.
— Ki Young Ju (@ki_young_ju) July 31, 2024
As per Ju’s prediction, it is anticipated that altcoins such as Solana (SOL), Cosmos (ATOM), Polygon (MATIC), and Cardano (ADA) will likely gain the most from the increasing attention. These digital currencies are currently experiencing robust buying interest, which could potentially lead to price hikes.
Conversely, certain coins like XRP, Chainlink (LINK), and Binance Coin (BNB) aren’t garnering the same amount of purchasing enthusiasm at present. This could potentially mean they won’t witness significant growth in the near future.
In backing up his analysis, crypto expert Jamie Coutts highlights the Equal Weight Index of the Top 200 Altcoins versus Bitcoin. A recent decline in this index might signal that the altcoin market has reached a bottom, potentially paving the way for an upward trend.
Moreover, it’s worth mentioning that the well-recognized crypto trader “Mags” has pointed out that the altcoin market is undergoing a phase of re-accumulation. Mags hinted that on average, altcoins have only seen a 58% increase since they emerged from a prolonged period of consistent prices. This could imply that a small correction at present might pave the way for even greater increases.
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2024-08-01 04:20