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- Whales’ limit buy orders for altcoins are increasing, setting up strong buy walls.
- Analysts predict significant altcoin rallies in August and September 2024.
In a tweet, Ki Young Ju, CEO of CryptoQuant, revealed that whales are preparing for the next altcoin rally. The limit buy order volume for altcoins, except Bitcoin and Ethereum, is increasing, indicating that significant buy walls are being established.
This surge in limit buy orders indicates that huge investors are preparing for a significant move in the altcoin market.
Whales are preparing for the next altcoin rally.
Limit buy order volume for altcoins, excluding #Bitcoin and #Ethereum, is increasing, indicating that strong buy walls are being set up. pic.twitter.com/aOe3TxwVWE
— Ki Young Ju (@ki_young_ju) July 31, 2024
FYI, market orders generate ‘taker volume,’ whereas limit orders generate ‘quote volume.’ Whales and institutions, such as market makers and brokerages, typically utilize limit orders for huge trades to avoid slippage.
The indicator is generated by summing the difference between buy and sell quote volumes over a one-year period. If there is an upward trend, it suggests that the quotation buy volume is increasing, signaling stronger buy barriers. This is an important indicator for determining market mood and the behavior of significant investors.
Shifts in Market Dynamics and Bullish Predictions for Altcoins
Meanwhile, Bitcoin’s dominance in the crypto market has reached a three-year high of over 55%, with Ethereum (ETH), the world’s largest altcoin, holding a 16.6% share. This shift in market dynamics demonstrates Bitcoin’s expanding prominence, even as interest in altcoins continues to grow.
Previously, CNF highlighted the analysis of prominent crypto analyst Javon Marks, who forecasted the creation of a Bull Flag on total altcoin value, excluding BTC and ETH, known as TOTAL3, indicating the possibility of a new all-time high (ATH).
According to Marks, this trend might lead to a “massive continuation” and push prices to new all-time highs. Echoing similar strong sentiments, analyst Captain Faibik expected a significant rally for TOTAL3, comparable to its performance in Q1 2024, while advising patience and accumulation.
As we previously reported, Faibik predicts that August and September will be outstanding months for altcoins, implying that the market is poised for another spectacular boom phase.
