Bitcoin (BTC) considered support near $35,000 on May 7, having touched lows near this key level twice in the last 48 hours. Bitcoin was roughly flat on Saturday, trading with lesser volatility over the past 24 hours, compared with the sharp sell-off in price witnessed on May 5. Bitcoin was trading at $35,828 at the time of publication.
Alternative cryptocurrencies or Altcoins were also relatively stable, Algorand’s ALGO token was up by 10% over the past 24 hours. Stepn (GMT) was also up 10% while Tezos (XTZ) was up 3.43%. Tron (TRX) was up 4.60% in the last 24 hours bolstered by its recent stablecoin USDD Launch.
Ethereum (ETH) has dropped 4.43 percent in the last week, while Bitcoin (BTC) has down 6.81 percent. ETH typically underperforms BTC in market downturns. The ETH/BTC chart, however, has been locked in a tight range during the past year due to choppy trading conditions. A decisive move up or down from the current range could signal whether the market is risk-on or risk-off.
At press time, Bitcoin’s dominance, or BTC’s market cap relative to the total crypto market cap, has fallen to 41.5 percent. This shows that altcoins have been subjected to less selling pressure than bitcoin, implying that traders are still willing to take on greater risk.
A large move in the BTC dominance ratio might also confirm the next phase for crypto markets. The moving averages on the ETH/BTC chart are deemed to make a crossover, implying that a major move might be underway.
Traders’ anxiety has been reflected in choppy price activity over the last week, especially as macroeconomic concerns remain. Ina positive tone, The Securities and Exchange Commission (SEC) of the United States has approved Valkyrie’s application for a futures exchange-traded fund (ETF). This is another ETF approved by the SEC, which has already allowed futures ETFs but has yet to approve spot ETFs.
Large Investor Splurges Millions To Buy 1inch, Audio, Apecoin, Chiliz, SLP, Loopring
Whales typically utilize periods of dips to accumulate their favorite tokens at a discount. According to WhaleStats, an Ethereum whale Saboranked 25th has spent more than $31,256,868 on recent acquisitions of several altcoins.
In separate transactions, the whale bought 850,000 1inch ($1,105,000), 85 YFI ($1,405,995), 2,050,000 AUDIO ($1,598,065), 8,800,000 CHZ ($1,494,336), 2,000,000 FTM ($1,407,246), 4,100,000 CTSI ($1,067,853), 129,000,000 SLP ($1,464,019), 1,200,026 APE ($14,868,322), 3,500,000 LRC ($2,464,161), 560,000 API3 ($1,797,600), 6,650,000 REQ ($1,143,454), 3,600,000 OGN ($1,440,817).
A peek into the large holder address reveals that the whale owns more than 1 trillion SHIB.
Image Credit: Shutterstock