- Bitcoin and altcoins continued their downward trend in early May, with BTC price falling to $56,500.
- However, a market recovery was observed, pushing BTC price close to the $62,000 mark.
- Whales took advantage of this situation and turned to altcoin purchases, with IMX coin being among the most purchased cryptocurrencies in the last 24 hours, according to on-chain data tracking platform Nansen.
Bitcoin and altcoins experienced a market downturn in early May, but a subsequent recovery saw whales turning to altcoin purchases, with IMX coin being a popular choice.
IMX Coin and Other Cryptocurrencies on Nansen’s List
As Bitcoin and altcoins continued their downward trend, BTC price fell to $56,500. However, a market recovery was observed, pushing BTC price close to the $62,000 mark. During this period, whales became active and started purchasing altcoins. According to Nansen, the most purchased cryptocurrencies in the last 24 hours were USDC, ZENT, COMP, and IMX.
Why are Whales Choosing These Coins?
Whales also purchased other cryptocurrencies like ZETA, ENA, weETH, wstETH, aEthWBTC, stETH, cbETH, with a focus mainly on Ethereum derivatives. There could be several reasons why whales are choosing these altcoins:
- ZENT: ZENT is a decentralized finance (DeFi) protocol. DeFi offers financial services to those without access to traditional financial systems. As interest in DeFi increases, demand for DeFi protocols like ZENT also increases.
- COMP: COMP is the native token of Compound, a decentralized lending and borrowing platform. Compound allows users to use their cryptocurrencies as collateral to borrow and earn interest. As Compound’s popularity increases, demand for the COMP token also increases.
- IMX: IMX is the native token of Immutable X, a gaming marketplace platform. Immutable X facilitates the buying and selling of in-game items. As the use of NFTs in games becomes more widespread, Immutable X and the IMX token are gaining value.
Conclusion
The interest of whales in altcoins could signal a shift in the cryptocurrency markets. As demand for Bitcoin decreases, investors are turning to different altcoins. This could lead to an increase in altcoin prices. However, it should be remembered that cryptocurrency markets are highly volatile and it is important to conduct detailed research before investing.
