The whales of Bitcoin and Ethereum are prepping up for a renewed cryptocurrency market rally as they to beef up their crypto assets.
According to Santiment, A crypto analytics firm, Bitcoin’s largest holder (ones with 1000+ BTC) hold 42.56% of the cryptocurrency’s total supply. This is a drop from 43.29% on February 8.
Their large supply was the reason BTC rose to a new all-time high to $58,000.
According to the firm, if whales control over 43% of bitcoin’s total supply, it will be an “indication whales are looking to fuel another rally.”
Santiment also revealed that Ethereum’s 10 largest addresses that are not controlled by cryptocurrency trading platforms are holdings the “most combined supply of ETH tokens (16.86M) since July 2016.”
Over 1 million ETH ($1.57 billion) was added to these addresses earlier this month, showing they’re gearing up for a move upward.
Altcoins outperforming both BTC and ETH include Polygon (MATIC), Enjin (ENJ), Theta blockchain’s governance token Theta Fuel (TFUEL), and XinFin (XDC). These are outperforming bitcoin at a time in which the cryptocurrency struggles to remain above the $50,000 mark.