The crypto market appears to be off to an optimistic start in July 2023 amid renewed interest from institutional investors. But can crypto whales brush aside the FUD surrounding the SEC’s recent lawsuits and continue to buy these three altcoins in July?
BTC continued to dominate the charts and media headlines for most of June 2023. However, Blackrock’s recent Bitcoin ETF application has also improved overall sentiment within the altcoin market.
These three altcoins have attracted significant crypto whale demand in recent weeks. And quite remarkably, one of them has already posted triple-digit gains in June. Are these the top coins to watch in July 2023?
Crypto Whales are still scooping up Bitcoin Cash (BCH).
The price of Bitcoin Cash (BCH) closed at $308 on June 30, taking monthly gains well above 140%. According to on-chain data, the BCH price rally may not be over yet.
The chart below shows that crypto whales have increased their holdings by 1 million to 10 million BCH coins since June 21. Remarkably, between June 21 and June 30, they purchased a whopping 170,000 BCH coins.
At the current market value of $308, the crypto whales’ new investment is worth $52.4 million. With such a large influx of funds within a week, it comes as no surprise that Bitcoin Cash has reclaimed the $300 milestone for the first time since May 2022.
If the whales keep buying, $350 could be the next target for BCH in July 2023.
There is a new peak in 2023, but will the Litecoin Whales push for more?
On June 30, after multiple attempts in February and April, Litecoin finally broke above the USD 105 resistance to reach a new high of USD 108 in 2023. However, a specific cohort of bullish crypto whales with a balance of 1 million to 10 million LTC coins is now looking for more profit.
The chart below illustrates how they increased their holdings by 430,000 LTC between June 26 and June 30.
Litecon currently sits at $107, meaning the whales’ new investment is worth $46 million. Given their financial power and influence, this group of whales could inspire strategic private investors to remain optimistic rather than profit.
If the Litecoin whales maintain bullish momentum, $120 could be the next stop for LTC price in July 2023.
COMP makes big gains as whales invade Compound
To the surprise of many, the price of Compound Finance (COMP) scored 90% in the last week of June 2023. As the COMP price tested $60 for the first time since February 2023, on-chain data revealed that increased whale trade was one of the the crucial factors behind the ongoing COMP rally.
Between June 20 and June 30, whale trades with COMP skyrocketed by more than 300%.
The IntoTheBlock chart below shows how COMP Large Transactions rose from 8 trades on June 20 to a 1-year high of 67 trades at the end of June 29.
The Large Transactions metric tracks whale investor trading activity by aggregating the daily number of confirmed trades over $100,000.
Given that this is the highest level of whale activity Compound Finance has seen since February 2022, it could soon inspire retail investors to take long positions as well.
In summary, bullish sentiment among large institutional investors is critical to the near-term price prospects and long-term viability of any cryptocurrency project. With the wave of Bitcoin ETF applications, the number of crypto whales buying these altcoins is likely to increase.
Therefore, in July 2023, investors will look to Bitcoin Cash (BCH), Litecoin (LTC), and Compound Finance (COMP).
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.