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Bitcoin surged 4% from a $66,637 weekend low following bullish comments by former U.S. President Donald Trump at the Bitcoin 2024 conference in Nashville. Trump stated that he would implement a Bitcoin Strategic Reserve if reelected, leaving BTC supporters optimistic, as evidenced by the flagship crypto’s rebound to $70,000.
In a previously uploaded video, Altcoin Buzz YouTube channel host Cody Buffington noted that many traders positioned themselves in Bitcoin in anticipation of a potential price surge. That decision appears prescient, considering Bitcoin’s reaction in the past two days and the momentum signaled by the top crypto’s price action.
Meanwhile, Buffington observed that crypto whales are buying certain altcoins despite their less impressive performances from the previous week. However, the renowned analyst thinks the accumulation signals confidence in the cryptocurrencies’ near-term potential. Buffington identified the top three coins that the whales accumulated as ARB, XRP, and ONDO.
According to Buffington, most analysts are surprised by ARB’s inclusion among the accumulated cryptos, citing the altcoin’s recent decline. Nevertheless, he believes crypto whales bought the altcoin in good faith at a level not seen in a long while. He cited IntoTheBlock’s data, which showed ARB’s large holders’ netflow jumping by a staggering 870% in less than seven days.
Meanwhile, the Altcoin Buzz host attributed XRP’s recent performance to the goodwill the altcoin has enjoyed in the crypto market. Buffington cited figures from Santiment showing that addresses holding 100 million to 1 billion XRP tokens have increased since July 23. According to the analyst, it spiked from 38% to 40% over a short period, suggesting increased confidence in the token.
Buffington noted that investors believe ONDO is offering a discount at its current price, considering its recent appeal to institutional investors. He observed that IntoTheBlock’s data revealed that the trend may continue, with interest from large entities and deep-pocketed individuals remaining sustained.
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