BTC continues to dominate the rankings and garner significant media attention during the period of substantial price growth in June 2023. However, the recent Bitcoin ETF products by Blackrock have also improved the overall sentiment in the altcoin market.
BITCOIN CASH (BCH)
Bitcoin Cash (BCH) closed at $308 on June 30th, which propelled its monthly gain to over 140%. According to on-chain data, the BCH price surge may not be over yet.
The chart below shows that whale holders of 1 million to 10 million BCH in cryptocurrency have increased their holdings since June 21st. Notably, from June 21st to June 30th, they have acquired a massive amount of 170,000 BCH.
With the current market value of $308, the new investment made by the cryptocurrency whale holders amounts to $52.4 million. Thanks to the significant influx of funds within a week, it is not surprising that Bitcoin Cash has reclaimed the $300 milestone for the first time since May 2022.
If the whales continue to buy, $350 could be the next target for BCH in July 2023.
Litecoin (LTC)
Litecoin has finally surpassed the resistance level of $105 to reach a new peak in 2023 at $108. However, a specific group of cryptocurrency whales holding balances ranging from 1 million LTC to 10 million LTC is currently seeking additional profits.
The chart below illustrates how they increased their holdings to 430,000 LTC from June 26th to June 30th.
Litecoin is currently at $107, meaning the new investment by the whale amounts to $46 million. This group of whales may serve as a confidence booster for retail investors, encouraging them to continue holding or buying more instead of taking profits.
If the Litecoin whales continue their upward momentum, $120 could be the next potential target for the price of this altcoin in July 2023.
Compound Finance (COMP)
The price of Compound Finance (COMP) surged by 90% in the last week of June 2023. As COMP reached $60 for the first time since February 2023, on-chain data indicates that increased whale trading activity is one of the significant factors driving the price surge of COMP.
From June 20th to June 30th, whale-related transactions involving COMP have surged by over 300%.
The Large Transaction data tracks the trading activity of whale investors by aggregating the number of confirmed transactions exceeding $100,000 daily. The month of June witnessed the highest performance of COMP whale activity since February 2022, which may soon prompt retail investors to hold long positions.
The optimistic sentiment from large institutional investors is crucial for the short-term price prospects and long-term sustainability of any cryptocurrency project. Alongside the surge in Bitcoin ETF applications, the number of cryptocurrency whales backing these altcoins may also increase.
see more : These three Altcoins have the potential to experience significant growth in July