According to a recent update, deep pocket investors have accumulated a significant number of Bitcoin (BTC) as retailers capitulate due to sustained bearishness. As a result, market players are keeping their eyes on trending altcoins like IntelMarkets (INTL) and Tron (TRX) to find out how these assets might perform in the weeks to follow.
According to a recent update, deep pocket investors have accumulated a significant number of Bitcoin (BTC) as retailers capitulate due to sustained bearishness. As a result, market players are keeping their eyes on trending altcoins like IntelMarkets (INTL) and Tron (TRX) to find out how these assets might perform in the weeks to follow.
Here, we assess the potential outcome of this magnified whale purchase on these trending altcoins!
Adam Back, the CEO of Blockstream and Hashcash creator, has called attention to the rising accumulation of Bitcoin among whale investors, of which 133,000 units of the flagship cryptocurrency have been acquired within a month.
Taking to X on August 30, 2024, Adam revealed that Bitfinex whales have been stacking up 450 BTC every day since August 28, equivalent to the amount of Bitcoins mined within the same window.
The compounding effect of this sustained accumulation resulted in over 133,000 Bitcoins valued at $7.6 billion, being in the control of this category of investors as of September 9.
In the last few weeks, the count of wallets holding more than 100 BTC peaked at its zenith in 17 months. Notably, 283 addresses were discovered with more than 100 BTC in their possession in August, all of which accounted for 16,120 Bitcoins. This development reflects a surge in interest among whale investors, while small-scale holders take the opposite route.
In particular, whale's increased accumulation comes as retail investors panic sell due to the enduring bearish trend in the crypto market.
With whales increasingly amassing Bitcoin, the flagship crypto could experience a potential price spurt, which could eventually drive up the prices of altcoins as well. Presently, Bitcoin is trading at $54,351, down 5.42% in the last seven days.
IntelMarkets is an emerging crypto perpetual exchange that aims to offer traders seamless access to unmatched perpetual futures contracts with top-tier leverage alternatives. This game-changing project provides flexibility and scalability in crypto trading by leveraging tiptop blockchains like Ethereum and Solana.
The fusion of these blockchains will aid in optimizing trading strategies and experience through quick execution and access to a wide range of risk control tools and tradable assets.
Through its user-friendly approach, IntelMarkets caters to all levels of expertise, be it experienced or novice traders. It offers traders an opportunity to trade their preferred crypto assets with up to 1,000x leverage, increasing their potential returns.
Moreover, traders can borrow liquidity from the platform to bolster their purchasing power when capitalizing on opportunities.
IntelMarkets' native token INTL is currently being sold for $0.009 in Stage 1 of its presale. Mirroring the success of its private sale, during which it raised $2 million, INTL has generated $238,735 in sales revenue amid the ongoing public presale.
Projections show that the token will round off this sale with a 1,100% increase in its current price, delivering an easy 11x profit to early investors.
Popular crypto pundit Smith has voiced predictions about how TRX and Tron-based memes could perform in the coming days. In a post on September 7, 2024, Smith postulated that TRX appears to have bottomed out and may be gearing up for a potential breakout.
This forecast comes as TRX languishes under the bearish pressure that has held the asset down in the last few weeks.
Smith noted that the anticipated rebound could spur an upswing in the prices of Tron memes that maintained their value during the recent decline. According to him, these meme coins could experience 5X to 10X price surges from their current price levels in the near term.
He also attached a 4-hour chart of TRX to the post, showing the asset breaking out of a trendline used to highlight the downtrend market structure.
The price is now setting above a marked support region, which could provide the fuel TRX needs for a rally.
Smith's bullish forecast substantiates the optimistic sentiment that has been brewing about Tron lately, implying TRX could experience a notable price increase, which Bitcoin will likely herald. Meantime, TRX is trading at $0.154, having lost 1.54% of its market value in a week.
While BTC and TRX exude bullishness, INTL has exhibited the potential to outperform the top crypto coins and other altcoins. Its lower market capitalization compared to those of BTC and TRX presents it as a better investment alternative for more gains.
With the imminent Bitcoin rally expected to bolster the prices of altcoins, smart investors would be looking to participate in INTL's presale before the token's price increases as it enters the next stage of its presale.
Discover More About Intel Markets:
Presale: https://intelmarketspresale.com/
Telegram: https://t.me/IntelMarketsOfficial
Twitter: https://x.com/intel_markets