Crypto whales are positioning themselves for the next market expansion of altcoins, according to CryptoQuant’s CEO.
Kiyoung Joo told his 358,000 followers on social media platform X that whales are now setting limit orders for altcoins on centralized exchanges (CEX).
Ju explains that whales, institutions and other large firms prefer to use limit orders instead of market orders to avoid slippage and get the best possible price.
Limit orders are used to buy an asset at a predetermined price. They do not move until the asset reaches the desired level. Market orders, on the other hand, are used to buy or sell an asset immediately at the current price.
He points out that keeping an eye on the volume of limit order quotes given can be an indicator of rising buy barriers in the market.
“Whales are gearing up for the next altcoin rally.
Buy order limits for altcoins other than Bitcoin and Ethereum are increasing, indicating a strong buying barrier is being established.”
The source said that if Bitcoin (BTC) hits a new all-time high (ATH), time will be running out for market participants looking for altcoin discounts.
“Altcoins are forming a buying barrier on both stablecoin and Bitcoin pairs, but volumes remain low.
If the replacement season means a surge in volume, it hasn’t happened yet.
Now is the time to look into promising alternative cryptocurrencies for the next bull run. Time may not be far when Bitcoin reaches a new ATH.”
According to the state, Bitcoin’s current situation is similar to that of mid-2020, when it was trading sideways without any enthusiasm from individual investors.
“Bitcoin data shows a similar pattern to mid-2020.
Old whales are transferring their stakes to new whales on the chain, but retail investors have not yet overheated the market. There has been no significant price increase since the halving.
In my experience, bull runs are short, powerful and sudden. Patience is key.”
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