Crypto Markets Recovers: Top Whales Are Betting on These Altcoins!

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As investors re-embrace risk assets across global markets, bitcoin climbed for the fifth day in a row, the biggest winning streak since September. The most valuable cryptocurrency by market capitalization increased by 4.2 percent to $44,017. With major altcoins trading green, we can see XRP & Shiba Inu are among the top gainers with more than a 25% surge in the last 24hrs.

Investors have been jittery in recent weeks as they consider the possibility of quick monetary tightening. Bitcoin lost up to 50% of its value in what has been dubbed a “crypto winter” after reaching a record high of around $69,000 in early November.

Where are Whales Pouring in Stakes?

During the rally in the digital asset market, deep-pocketed crypto investors are buying up Ethereum scaling solution Polygon (MATIC), Loopring (LRC), and two other small-cap altcoins.

Polygon has surpassed LINK as the most traded token among the wealthiest Ethereum investors in the last 24 hours, according to new data from WhaleStats, while MATIC experiences substantial price increases.

On Friday, Ethereum whales were spotted buying MATIC in million-dollar transactions. One of the largest Ethereum whales, ranking fourth in the world, purchased 2,838,000 MATIC for $4.73 million. A whale purchased $2 million worth of MATIC tokens in another transaction. In a second transaction, a third whale paid $1.5 million for MATIC.

MATIC is ranked fifth on the list of the top tokens that Ethereum whales have purchased the most in the previous seven days, with an average buy amount of $41,220.

Loopring (LRC) is also attracting Ethereum whales, with an average purchase price of $7,865 putting it in sixth place. Loopring is an Ethereum token that seeks to allow anyone to use zero-knowledge (ZK) proofs to create non-custodial order book-based exchanges on the Ethereum network.

With an average purchase price of $7,197, Render Token (RNDR) is ranked eighth. RNDR intends to allow anyone with a current GPU to contribute their rendering power in return for tokens, allowing artists, designers, and researchers to access more GPU computing.

Sushi (SUSHI), the native asset of decentralized exchange SushiSwap, is ranked ninth. In the last seven days, ETH whales spent an average of $6,735 on SUSHI. Ethereum and a variety of stablecoins are among the coins on the list.