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CryptoQuant founder Ki Young Ju anticipates a significant altcoin rally, citing strong buy orders from whales and institutions.
Whales Preparing for Altcoin Boom
While traders passionately discuss the start of alt season, CryptoQuant creator Ki Young Ju thinks crypto whales are preparing for the next cryptocurrency boom.
The 1-Year Cumulative Buy/Sell Quote Volume Difference for Altcoins was the focal point of Ju's investigation. This statistic determines the difference between buy and sell limit orders over a one-year period, Cointelegraph shares.
Strong Buy Walls Indicate Future Demand
According to the analyst, significant crypto investors and institutions are increasingly placing buy-limit orders, which pose a threat to slippage. This indicates that there are "strong buy walls" of potential demand for altcoins in the future.
The creator of CryproQuant claims that a number of altcoins will reap the most rewards from the anticipated surge in future buy orders. These include Solana, Polygon, Cardano, Cosmos, PancakeSwap, My Neighbor Alice, Ampera, Ankr Protocol, and Chilliz token.
On the flip side, lending protocol Aave (AAVE), Compound Finance (COMP), Bancor Network (BNT), the Binance token, Chainlink (LINK), and XRP are all experiencing shortages in the quantity of future purchase orders.
Top 200 Index Predicts Market Bottom
An altcoin market prognosis that crypto analyst Jamie Coutts recently shared is verifying. We have hit a market bottom, according to the expert, and cryptocurrencies may be about to rebound, according to the Top 200 Equal Weight Index.
By comparing the price of Bitcoin to that of the top 200 altcoins by market capitalization, the Top 200 Equal Weight Index follows the price performance of each coin.
Popular cryptocurrency trader "Mags" recently asserted that re-accumulation is taking place in the altcoin market.
After emerging from a long accumulation phase, the trader claimed that cryptocurrencies were only up 58% on average, implying that the digital assets were undergoing a small correction before posting further gains.
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