As Ether (ETH) surpassed $ 4,000 and several altcoins hit their own all-time highs on Monday, data shows that even more buying appetites are coming our way.
Traders are preparing to put money into crypto
A trading frenzy is reaching for altcoins as Bitcoin (BTC) continues to consolidate, showing signs that it is ready to tackle the $ 60,000 resistance.
While some alts, especially Dogecoin (DOGE), have cooled off since last week, traders are far from exhausted and ready for more. This is aptly demonstrated, said analyst Lex Moskovski, by the number of stable coins that go on exchanges.
Stable coin inflows have been trending upwards for months, and apart from brief “reset” periods when they leave the exchanges, the general direction is clear.
This suggests that traders are ready to enter positions in various cryptocurrencies at short notice.
Cross-exchange stablecoin reserves hit a new all-time high of over $ 11.5 billion in the past few days, still over $ 11 billion at the time of writing after a minor reversal.
“Stable coins on exchanges remain in the ATH range,” Moskovski told Twitter followers.
“Apart from a Black Swan event, I don’t see this rally ending anytime soon.”
$ 52,000 “should be BTC floor”
Previously, Cointelegraph reported on the composition of exchange order books, particularly those of Binance, which reveal a lack of bid interest over $ 50,000.
At the same time, however, data shows that Bitcoin whales – major investors – have built significant positions between $ 54,000 and $ 58,000.
Compiled from the monitoring resource Whalemap, the numbers show that, oddly enough, the largest group of whale coins in this area is 120,000 BTC at $ 58,000.
Cryptocurrency traders are still sending stable coins to the exchanges to signal that the bull run isn’t “anytime soon” for many cryptocurrencies.
“Whale accumulation clusters, NVT, on-chain volume profile and other on-chain metrics show that $ 52,000 should be the reason,” the Whalemap team told Cointelegraph.
“BTC’s bull run is not over yet.”