3 Altcoins To Sell If Ethereum Hits $5,000 Post ETF

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As a seasoned crypto investor with several years of experience under my belt, I’ve learned that keeping a close eye on whale activities can provide valuable insights into potential market trends and profitable altcoin investments. The recent surge in whale activity surrounding XRP, MAGA, and Chainlink is no exception.

As a researcher studying the cryptocurrency market, I’ve noticed intriguing whale behavior that could provide insights into which altcoins might be worth selling before Ethereum hits $5,000 post-ETF launch. Historically, Bitcoin undergoes a correction for approximately 145 days following the halving event, leading to a significant bull run lasting roughly 1.3 years. With under 60 days remaining until the potential commencement of this bull market rally, I’ve identified three altcoins that whales have been accumulating in July.

1. Altcoins To Sell – XRP (XRP)

XRP serves as the native digital currency for the XRP Ledger, a sophisticated blockchain system created with the primary goal of facilitating seamless cross-border transactions for financial institutions via a swift and economical network. Ripple Labs, the innovator behind both XRP and the XRP Ledger, has successfully onboarded numerous banking institutions thus far and is persistently working to bring more on board.

3 Altcoins To Sell If Ethereum Hits $5,000 Post ETF

As a researcher studying the cryptocurrency market, I’ve observed that XRP is currently trading at approximately $0.5457, representing a substantial 25.7% growth over the past week. This upward trend hints at a long-anticipated breakout for XRP in the broader crypto market. Since the initiation of the Ripple-SEC lawsuit in late 2020, the price of XRP has been held below the $1 cent mark due to regulatory uncertainty.

Following the announcement that the CME Group intended to initiate new daily pricing benchmarks and live indices for XRP and ICP starting from July 29, 2024, there was a significant increase in the use of the Ripple network.

As a result, there is a frenzy among whales to purchase the crypto asset, with one major investor acquiring 38 million XRP, equivalent to $20 million.

38,783,752 #XRP (20,441,137 USD) transferred from #Binance to unknown wallet
— Whale Alert (@whale_alert) July 14, 2024

The ongoing Ripple-SEC lawsuit may be nearing its conclusion with recent developments. After Terraform Labs (TFL) reached a settlement with the SEC, Ripple filed an appeal in court to reduce their penalty. Successfully, the penalty was lowered to approximately $120 million. In related news, the SEC concluded its investigation into Ethereum, paving the way for 19-4b ETFs to be approved. The potential sequence of events for Ripple and XRP remains to be seen.

2. MAGA (TRUMP)

As a crypto investor, I’ve noticed that MAGA is one of the numerous altcoins that emerged following Donald Trump’s announcement of his intention to run for the presidency in 2024. This crypto project distinguishes itself by positioning itself as a charitable organization, collecting a 1% tax on transactions such as buys, sells, and transfers through its blockchain. These funds are then channeled towards supporting veterans and child trafficking prevention services within the United States. By July 15, MAGA had successfully donated a total of $1.7 million to these noble causes.

The price of TRUMP, which serves as the native token for the MAGA community, experienced a significant surge of approximately 50% over the weekend. This increase came after an assassination attempt on Donald Trump, with the token’s value rising from $6.34 to $8.03. Prior to the incident, there had been growing anticipation for the upcoming Bitcoin 2024 conference in Nashville where Trump was scheduled to give a 30-minute speech. Despite the attempt on his life, Trump has confirmed that he will still attend the event.

According to the findings from Lookonchain and Arkham Intelligence’s investigation, the Gigantic Rebirth (GCR) account identified as “GCR Address 1” continues to possess approximately 936,000 TRUMP tokens, generating a profit exceeding $6.5 million.

As an analyst, I’ve noticed that the address labeled “GCR: Address 1” continues to hold approximately $936,279 worth of $TRUMP tokens ($7.23M in total), which have not been sold yet. The unrealized profit from this holding amounts to over $6.5 million.
— Lookonchain (@lookonchain) July 15, 2024

Based on current evidence, it seems that whales continue to own this cryptocurrency. Following his successful debate performance and narrowly avoiding an assassination attempt, Trump’s chances of winning the election may have improved, potentially boosting the value of TRUMP as well.

3. Altcoins To Sell – Chainlink (LINK)

Chainlink serves as the connecting tissue for the vast majority of Decentralized Finance (DeFi) applications, founded by Sergey Nazarov. It functions as a comprehensive solution for both blockchain creators and decentralized financial institutions. The primary offering from Chainlink’s oracle network is the Cross-Chain Interoperability Protocol (CCIP), which facilitates secure and dependable data exchange and value transmission between distinct blockchain ecosystems. As an oracle network, Chainlink’s capabilities enable smart contracts to interact safely with external real-world data and services beyond the blockchain realm. This influence can potentially reach Real-World Assets (RWA), DeFi, AI, and even DePEG sectors.

Recently, Lookonchain identified an investor who has quietly amassed a significant position in Chainlink (LINK), totaling approximately 12.75 million tokens ($167 million) spread across ninety-three separate wallets within a single month. This substantial investment serves as a bullish indicator for the crypto asset.

It seems that a mysterious whale/institution is accumulating $LINK!
We noticed 93 fresh wallets withdrawing 12.75M $LINK($167M) from #Binance since June 24!
— Lookonchain (@lookonchain) July 14, 2024

The price of Chainlink has risen by 2.5% over the past 24 hours and is currently trading at $14.10. According to predictions, the coin has solid backing around the $12.8 mark, potentially preventing a price drop if market circumstances become unfavorable. Nevertheless, considering the current market conditions, it might be wise to sell Chainlink as one of the altcoins and keep an eye out for a favorable buying opportunity.

3 Altcoins To Sell If Ethereum Hits $5,000 Post ETF

The RSI of LINK has recently surpassed the middle mark, signaling a robust uptrend and intensifying purchasing pressure. Additionally, the MACD indicator for LINK has indicated a bullish crossover event, suggesting a bullish reversal trend for this cryptocurrency.

Conclusion

If Ethereum’s price reaching $5,000 following ETF approval seems enticing, it might be wise to reconsider your investments in other cryptocurrencies, or altcoins. With Ethereum’s surge, certain altcoins may find it challenging to preserve their worth or significance. Consider selling XRP, LINK, and MAGA as a means to strengthen your portfolio and possibly invest in more promising or steady assets later on.

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2024-07-16 14:59