The post Altcoin Season Gearing Up: Here’s Why The Graph (GRT) Should Be In Your Portfolio! appeared first on Coinpedia Fintech News
Bitcoin’s market dominance has been slowly decreasing, paving the way for the growth of alternative cryptocurrencies. This trend is further supported by the emergence of new meme coins like $PEPE, which are attracting more and more investors. While the influx of cash into altcoins is a positive sign, it remains to be seen whether Bitcoin will reach new all-time highs before entering a new downtrend.
Bitcoin Balance On The Rise
Bitcoin’s balance on the top three centralized exchanges by daily traded volume – Binance, Coinbase, and Bitfinex – has increased dramatically in the past 30 days. Aggregate data provided by Coinglass reveals that over 41,600 Bitcoins have been added to Binance alone in this timeframe.
While this significant increase in Bitcoin’s balance on centralized exchanges is a cause for concern, it is important to note that this has historically been a bearish sign for the cryptocurrency market.
Crypto Whales Accumulate Stablecoins
A recent study conducted by market intelligence platform Santiment has found that crypto whales, or those holding significant amounts of cryptocurrency, have been accumulating stablecoins more. According to the platform’s data, there is a positive correlation between stablecoin accumulation and subsequent price increases in Bitcoin.
Bullish Outlook on The Graph (GRT)
In a recent YouTube video, BitBoy analyst noted that The Graph (GRT) protocol still looks promising despite the AI pump led by Singularity AGIX. The analyst mentioned that GRT coin has accumulated above pre-FTX levels, despite recording significant buyouts from crypto whales.
Crypto enthusiast on Twitter, Andrew Griffiths, also shared a bullish sentiment on The Graph (GRT), noting that the coin has a high probability of breaking out to a new high.
The Graph (GRT) ecosystem is supported by dedicated software developers and veteran investors in the crypto industry. In June, the protocol announced its plans to shut down its hosted service in favour of a decentralized network, in a bid to ensure future growth prospects.