Whale Sea... Whales dominate BTC & Alt

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The sea of ​​​​bitcoin and altcoins... It is said that whales exude their presence in both places. It is only different from the region and flow, but it seems that only water that can swim is important to whales.

Analysts and on-chain market analytics firm Santiment say both Bitcoin and altcoins are dominated by whales. This was reported by YouTube on the 31st (local time).

Si Zhu, CEO and Chief Investment Officer of Three Arrows Capital, a major cryptocurrency fund based in Asia, says the largest Bitcoin holders are also the largest altcoin holders.

Similarly, Santiment's data shows that Bitcoin and most altcoins are still dominated by whales.

[What do you show?]

The data do not necessarily provide a clear explanation. However, this shows that whales dominate bitcoins in a similar way to altcoins. Suzhou said:

“The largest bitcoin holders are also the largest altcoins holders. This is probably always true. That doesn't mean BTC isn't the best currency.”

The notion that major Bitcoin holders are not exposed in the altcoin market is likely to be wrong based on the data. As Santiment's researchers explained:

“Of the 855 assets of on-chain data we track, 727 are in the top 100 addresses, with more than 50% of the total supply. Bitcoin (and most altcoins) is still dominated by whales, and our recent insights have a number of infographics to analyze the problem.”

Whale's strength in the bitcoin and altcoin markets explains the phenomenon of simultaneous adjustments in the cryptocurrency market during a deep pullback (downmarket rally).

When Bitcoin sees a massive correction, both major altcoins and mid-size altcoins tend to fall together, often with steeper declines.

In general, in the bull market following the Bitcoin rally, altcoins tend to outperform Bitcoin, as seen in the altcoin market in early 2018.

However, in a bear market, the altcoin market is hit harder than Bitcoin. In March, when the price of bitcoin fell below $4,000, the price of major cryptocurrencies such as Ethereum fell 40% to 60%.

[Bitcoin integration, boosting altcoin market]

In this way, when bitcoin is integrated or stabilized, the altcoin market has historically been an opportunity to rebound.

At the end of August, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said, "It is very likely that Bitcoin will be consolidated for more than $10,000." "The expanded integration phase is likely to increase Altcoin's momentum," he said.

Looking at the data from CoinMarketCap, it can be seen that the market share of Bitcoin has decreased to 58.1%, and the altcoin market is recovering.

Decentralized finance (DeFi)-related cryptocurrencies outperformed major cryptocurrencies such as Bitcoin the most. Defipulse shows that the total value locked up in the Defi market reached $8 billion, which led to the rally of many Defi tokens.

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