The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Whales Are Buying This Relatively Unknown Cryptocurrency As Money Moves to Bitcoin, Ethereum and Large-Cap Coins

by Daily Hodl Staff
July 29, 2020
in Altcoins, Bitcoin, Ethereum

As Bitcoin continues to skyrocket in price and momentum moves to large-cap coins, the crypto analytics firm Santiment reports that whales are rapidly accumulating the relatively unknown cryptocurrency Ren (REN).

Ren, which provides inter-blockchain liquidity for decentralized applications, gained more than 350% in value since the beginning of April and hit its all-time high of about $0.199 on July 8th. It is currently ranked 64th among cryptos by market capitalization and trading around $0.168 at time of writing, according to CoinMarketCap.

Santiment utilizes a metric that examines the amount of tokens held by top non-exchange owners, otherwise known as whales. And that metric indicates whales have been purchasing REN for the last two months.

The top 10 non-exchange addresses for $REN have been accumulating rapidly. In the past two months, these addresses have increased bags from 227.1M tokens held to 327.0M (+44%). An uptick of this magnitude indicates high whale confidence in the asset. ? https://t.co/DeCzIys9nc pic.twitter.com/kqktcQpOAN

— Santiment (@santimentfeed) July 26, 2020

Santiment does note, however, that with Bitcoin trading around $11,000, the overall momentum seems to be favoring large-cap coins, which could push DeFi coins lower in the near term.

“…amongst the top 100 highest market cap crypto assets, 20 of the 30 projects that have had positive gains in the past day are in the top 40.

After the past couple months were all about DeFi and altcoins having all the fun, the narrative has quickly switched back to BTC and large-cap assets. This shift could be long lasting with our DAA and volume indicators supporting a movement toward top cap projects.”

As for Ethereum, the second-largest cryptocurrency by market cap has been rising at a faster pace than Bitcoin. However, there are signs it may pull back in the short term, according to the analytics firm.

Santiment utilizes a metric called Daily Active Addresses (DAA) vs. Price Divergence, which compares an asset’s price action to the number of unique crypto addresses interacting with that specific coin on a daily basis. The metric views price action that outpaces DAA as a bearish signal, and vice versa.

For the first time since the middle of June, Ethereum earlier this week saw a deficit in daily active addresses. Still, Santiment says the asset’s overall fundamentals remain strong:

2) which indicates the potential of a short-term pullback. However, considering the positive fundamental news for #Ethereum, don't be surprised if a retracement is extremely minor and temporary before continuing up. Get 2 weeks free of Sanbase PRO and gain access to this model!

— Santiment (@santimentfeed) July 26, 2020

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/NanEstalrosa

Submit a Press Release

Industry Announcements

  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
  • Addressable Raises $7.5 Million To Enable Web 3.0 Companies To Acquire Users at Scale
    January 31, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$22,892.13
$22,892.13
2.15%
Ethereum
$1,633.63
$1,633.63
2.18%
Cardano
$0.394214
$0.394214
1.74%
XRP
$0.399706
$0.399706
2.92%
Dogecoin
$0.092701
$0.092701
4.19%

Spotlight

  • Legendary Trader Peter Brandt Says Bitcoin Flashing Rare Bullish Signal – Here’s His Target
    January 31, 2023
  • Rich Dad Poor Dad Author Details Why Bitcoin Is Exploding, Says Top Crypto Is One of the ‘Hottest Subjects’ on Earth
    February 2, 2023
  • Action Is Needed To Regulate Crypto Assets That Are Not Securities, Says CTFC’s New Chairman
    February 5, 2023
  • Analyst Who Accurately Predicted 2018 Bitcoin Bottom Forecasts ‘Finale’ Rally for BTC – Here’s His Target
    February 1, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl