Bitcoin Cash (BCH)
The initial bull run saw Bitcoin Cash (BCH) hit a yearly high of $329 in June 2023; crypto whales are pushing BCH up the rankings of top gainers once again.
BCH price broke the $250 threshold this week. On-chain data shows that a group of crypto whales holding 100,000 to 1 million BCH is the main driving force behind the bull run. These crypto investors accumulated 150,000 BCH worth $36 million between Sept 21 and Oct 3.
Notably, the group of whales appears to have accurately predicted BCH price surge in June 2023. They bought a whopping 420,000 BCH between June 20 and July 5, when BCH price skyrocketed more than 150%.
However, it remains to be seen whether crypto whales will continue to buy Bitcoin Cash in October or move to other low-cap altcoins.
With a 30% increase, Chainlink (LINK) emerged as one of biggest gainers in September. The IntoTheBlock chart shows that whale transactions surged from 30 to 218 between Sept 17 to Oct 2. For many reasons, such sustained increases in whale activity are often signs of rising prices. It boosts market liquidity, allowing spot market participants to execute their transactions efficiently. More importantly, if crypto whales buy tokens, the positive attitude of retail investors will be maintained.
If Chainlink whales can maintain this level of trading activity, the recent retracement below $8 could soon abate, LINK holders also can expect similar September gains in October.
Maker (MKR) is another altcoin that gained bullish momentum in September. Right after the Fed paused interest rates hike on Sept 20, the number of large-value transactions on the MKR network began to increase. MKR recorded only 9 transactions on Sept 19 but reached a 6-month high with 102 large transactions on Oct 2.
The spike in large transactions showed that MKR whales started buying tokens after the Fed’s pause on interest rate hikes. The Fed’s next meeting will take place on Nov 1, so MRK whale could push the price higher in October.