While the selling pressure in the crypto money markets has reached the highest level of the year, large investors called whales continue to add some altcoins to their portfolios at low prices. This may offer an idea of which altcoins can recover faster in a possible recovery.
Major investors mostly bought Ethereum, USDC and USDT during the decline, according to Whalestats data. These purchases are indicative of the trend towards stable crypto assets to hedge against uncertainties amid the chaos in the crypto industry. The two largest stablecoins managed to remain stable in the sharp decline.
The fact that large investors receive an average of $ 2 million in ETH per transaction creates the expectation that low levels are seen for the altcoin, which has lost 16 percent since last week.
Other altcoins taken by whales in the last 24-hour timeframe were recorded as Shiba Inu (SHIB), Chainlink (LINK), and Decentraland (MANA). The SHIB token fell by 24 percent yesterday to as low as $0.000014. Today, it gained 16 percent from the bottom level and is now in the $0.000016 band. Chainlink (LINK), after falling to $ 8, is moving towards the $ 9 band with an increase of 10 percent today. MANA, on the other hand, is currently changing hands at $1.18 after bottoming out at $1.
Among the top 100 cryptocurrencies, Maker, Elrond (EGLD) and FTX Token (FTT) were among the rare altcoins that started the day on a positive note by reversing yesterday's losses.
The total market cap, after falling to $1.35 trillion in the early hours of the day, is now at $1.45 trillion, accompanied by a partial recovery. As a result, it is seen that the purchases of large investors remain low in crypto markets where selling pressure is felt intensely. Although recovery efforts are seen today, uncertainty about the direction of the market continues.