• The crypto market has seen a significant decline over the last seven days, with altcoins experiencing a blood bath.
• Whale activity in cryptocurrencies such as Fantom (FTM), Polygon (MATIC), and Aavegotchi (GHST) has been observed by on-chain data provider Santiment.
• The broader crypto market saw a 6.66% drop in capitalization and 60.65% increase in trading volume over the past 24 hours.
Crypto Market Decline
The crypto market has experienced a notable downturn over the last seven days, with altcoins suffering particularly heavy losses. Bitcoin, Ethereum, Binance coin and other major crypto assets have all traded in the red zone, making it difficult to predict when the next reversal will occur.
Whale Activity Detected
On-chain data provider Santiment reported that some altcoins have seen increased whale activity despite the bearish market conditions. These large investors have conducted transactions involving vast amounts of coins like Fantom (FTM), Polygon (MATIC) and Aavegotchi (GHST). However, most of this activity was simply transferring tokens from one exchange address to another.
Fantom experienced significant selling pressure which caused its price to reverse after a positive start to 2021. Over the last 4 weeks, Fantom has seen corrections of over 40%. Aavegotchi also saw some trading activity from whales which resulted in an $8.2 million transfer in one transaction amid falling prices for the coin.
Recent Crypto Market Developments
The broader crypto market saw capitalization drop by 6.66% while trading volume rose by 60.65% over the past 24 hours respectively. This is indicative of increased volatility in cryptocurrency markets but also suggests there may be opportunities for savvy traders who can capitalize on swings in prices for certain altcoins during periods of high whale activity or other events that affect supply and demand dynamics for specific coins or tokens .