BCH, LTC and COMP: what crypto whales bought in June
Date: 2023-07-02 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
Although the protagonist of June was Bitcoin (BTC) and related investment products, crypto whales did not ignore some altcoins either.
Among the coins that experienced a surge in institutional interest were Bitcoin Cash (BCH), Litecoin (LTC), and Compound (COMP). If we take into account historical data, the actions of crypto whales can be a catalyst for a large-scale increase in the price of these tokens
Crypto whales are buying up Bitcoin Cash (BCH)
On June 30, the price of Bitcoin Cash closed at $308. However, readings from key on-chain metrics hint that the rally is not over yet. The graph below shows that between June 21 and June 30, addresses with a balance of 1 million to 10 million BCH increased their holdings by 170,000 coins worth $52.4 million.
If crypto whales continue to buy, the next target for BCH could be the $350 mark.
Investors accumulate Litecoin on the eve of halving
Litecoin finally broke above the resistance level of $105 and reached a new 2023 peak of $108. However, whales owning 1-10 million coins, this was not enough. The graph below shows that between June 26 and June 30, they purchased another 430,000 LTC worth $46 million.
In case this cohort of investors maintains a bullish mood, the next stop in the price of Litecoin could be $120.
Compound Finance is gaining momentum
In the last week of June 2023, the price of Compound Finance skyrocketed by 90%. According to on-chain metrics, the main factor in the ongoing rally was the increased activity of whales. The IntoTheBlock chart shows that between June 20 and June 29, the number of COMP trades worth more than $100,000 increased by 300%, from 8 to 67 transactions.
This is the highest figure that Compound Finance has seen since February 2022. Thus, the actions of large investors can encourage retail players to also take long positions.
