With Bitcoin rising sharply in recent weeks, optimism has taken over the market and several alternative cryptocurrencies have posted big gains of late. One of the highlights is the Counter (TRB)a project in the oracle sector.
According to data from analytics company Santiment, the increase is linked to the movement of whales. This demand from major investors has caused Tellor to rise more than 1,000% in value over the past three months, leaving other investments behind.
It’s the whales’ fault, Santiment says
Analysis of the Rise of Tellor (TRB), Santiment marked that the movement is related both to old investors who have not yet made a profit, and to the search for this cryptocurrency by large investors, called whales.
“Tellor continues to be a force in the cryptocurrency world, jumping to $131 today and approaching all-time highs in May 2021,” writes Santiment. “The asset has increased in value by more than 1,025% in three months, now it is the 112th largest cryptocurrency by market value, and the main wallets, with 1,000 and 100,000 TRB, have collected 15% of the total coin supply in 7 weeks. ”
“Portfolios with 1,000 to 100,000 TRB control a 46% share of total supply, up from 31% just 7 weeks ago.”
Tellor can be found on the market’s major brokers such as Binance, Coinbase, KuCoin and OKX, but the largest trading volume takes place on Binance.
Other cryptocurrencies are also benefiting from the market optimism
According to Bloomberg analysts, it is possible that the SEC will approve the first Bitcoin ETF in the coming days. This comment encouraged the market, causing Bitcoin to reach $38,000 this Thursday (9) before falling back to $37,000.
Meanwhile, some smaller cryptocurrencies are taking advantage of this market euphoria to post even bigger gains. As an example: the Ordinal numbers (ORDI) has increased in value by 250% in the last 7 days while listed on Binance.
The FTX token, the FTT, doubled in price this week after the names of potential buyers of the bankrupt brokerage became known. Also far from its historical peak, the Illuvium (ILV) rose 68% this past week after his game entered Epic Games. The list continues with other projects.
Finally, the market is lively again and the various crashes in the sector seem to be a thing of the past. Those who survived the bear market are celebrating, believing that the “summer of cryptocurrencies” has truly arrived.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
