As Bitcoin continues to skyrocket in price and momentum moves to large-cap coins, the crypto analytics firm Santiment reports that whales are rapidly accumulating the relatively unknown cryptocurrency Ren (REN).<\/p>\n
Ren, which provides inter-blockchain liquidity for decentralized applications, gained more than 350% in value since the beginning of April and hit its all-time high of about $0.199 on July 8th. It is currently ranked 64th among cryptos by market capitalization and trading around $0.168 at time of writing, according to CoinMarketCap.<\/p>\n
Santiment utilizes a metric that examines the amount of tokens held by top non-exchange owners, otherwise known as whales. And that metric indicates whales have been purchasing REN for the last two months.<\/p>\n
Santiment does note, however, that with Bitcoin trading around $11,000, the overall momentum seems to be favoring large-cap coins, which could push DeFi coins lower in the near term.<\/p>\n
amongst the top 100 highest market cap crypto assets, 20 of the 30 projects that have had positive gains in the past day are in the top 40.<\/p>\n
After the past couple months were all about DeFi and altcoins having all the fun, the narrative has quickly switched back to BTC and large-cap assets. This shift could be long lasting with our DAA and volume indicators supporting a movement toward top cap projects.<\/p>\n<\/p>\n
As for Ethereum, the second-largest cryptocurrency by market cap has been rising at a faster pace than Bitcoin. However, there are signs it may pull back in the short term, according to the analytics firm.<\/p>\n
Santiment utilizes a metric called Daily Active Addresses (DAA) vs. Price Divergence, which comparesan assets price action to the number of unique crypto addresses interacting with that specific coin on a daily basis. The metric views price action that outpaces DAA as a bearish signal, and vice versa.<\/p>\n
For the first time since the middle of June, Ethereum earlier this week saw a deficit in daily active addresses. Still, Santiment says the assets overall fundamentals remain strong:<\/p>\n
Featured Image: Shutterstock\/NanEstalrosa<\/p>\n
<\/p>\n