Santiment analysts reported an increase in investments of “whales” in altcoins

According to analysts, it was the interest from the major players in the crypto industry that caused the growth in the rate of digital coins.

The so-called “whales” of the crypto industry, that is, large holders of crypto assets, began to increase investments in altcoins. And it is the interest of large players, according to the Santiment information and analytical platform, that causes the growth in the value of digital assets.

Santiment specialists pointed out that large Litecoin (LTC) holders have increased their holdings of the token over the past six months by 1.15 million coins (+4.92%), and in the last 7 weeks alone, the increase in their wallet balances was about 0.5% from the entire coin supply.

Analysts said on Twitter that this was the reason for the increase in the LTC rate by 89% since it fell to $50 in early November. By January 31, the value of the asset rose to $95, a daily increase of 2.8%.

🦈 #Litecoin has now rallied its price up +89% since its drop below $50 on November 9th. Culprits for the surge of the 11+ year-old coin include addresses holding 100-10,000 $LTC, who have added 1.15M more coins in the past 6 months, a 4.92% increase. https://t.co/JHO30q1c0x pic.twitter.com/HP1mfqpoBR

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— Santiment (@santimentfeed) January 31, 2023

Created in 2011, Litecoin is a cryptocurrency that uses the same programming code as Bitcoin, but works with some differences, offering cheaper and faster transactions. The market capitalization of the asset as of January 31 is $6.8 billion, the daily trading volume is $1.1 billion.

One of the oldest investment companies in the crypto industry, Pantera, has once again become interested in investing in digital assets other than Bitcoin and Ethereum, reports The Block. Last spring, Pantera switched from altcoin investments to ETH to avoid losses, but has now begun to return to coins, which, according to Pantera co-founder Joey Krug, “will outperform Ethereum in the upcoming cycle.” No specific assets were named.

Prices for some altcoins at the beginning of this year rose by tens, and even hundreds of percent. Analysts at Santiment pointed out last week that sentiment in the crypto community may signal highs, but if traders do not take into account emotions, then the rise in prices for cryptocurrencies may continue .

Santiment also named the top 10 most developing altcoins. To compile the rating, the analytical company used data on the activity of developers.

Santiment named the top 10 cryptocurrencies by developer activity over the past 30 days. To compile the rating, the analytical company uses data on the number of changes (commits) made to the project code on the Github developer platform, excluding scheduled updates. Publishing the rating on Twitter, Santiment analysts called this information very important to take into account when compiling an investment portfolio.

🧑‍💻 Top 10 #crypto assets by development activity: notable #github commits, past 30 days:

1) #Polkadot $DOT
2) #Kusama $KSM
3) #Cardano $ADA
4) #Decentraland $MANA
5) #Status $SNT
6) #Cosmos $ATOM
7) #Filecoin $FIL
8) #InternetComputer $ICP
9) #Ethereum $ETH
10) #Concordium $CCD pic.twitter.com/lwqDix1K6V

— Santiment (@santimentfeed) January 24, 2023

Santiment top 10 cryptocurrencies by developer activity over the past 30 days

1. Polkadot (DOT)

2. Kusama (KSM)

3. Cardano (ADA)

4. Decentraland (MANA)

5. Status (SNT)

6. Cosmos (ATOM)

7. Filecoin (FIL)

8. Internet Computer (ICP)

9. Ethereum (ETH)

10. Concordium (CCD)

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• The world is changing thanks to blockchain technology, but there is still a worrying shortage of reliable, useful information about the cryptocurrency sector and its key players.

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