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Streaming Tokens Dominate Market as Bitcoin Whale Trend Signals $60K Adversity

UTC by John Kiguru · 3 min read
Streaming Tokens Dominate Market as Bitcoin Whale Trend Signals $60K Adversity
Photo: Depositphotos

Streaming tokens are performing exceptionally, meanwhile, Bitcoin is stuck under $60K. To exacerbate Bitcoin’s situation, whale transfers to retailers suggest the onset of a short-term bear trend.

Since Bitcoin topped $60K to reach an ATH, the digital asset has found it hard to retain profits above this. Consequently, the retracement to the $55K regions, perceived temporary, bulls have been unable to find a way to the $60K levels. Meanwhile, for streaming tokens, the situation is much more positive.

The largest cryptocurrency in the world has struggled to come out of a tight range between $54K and $58K. Even with comments from FED Chairman Jerome Powell that Bitcoin was a substitute for gold, there has been marginal price change. And according to Glassnode data, the dampening of the bull rally is a sign that it is in its last stages.

Source: Glassnode

Retail Investors in Total Control

On-chain data from the firm suggest that there is a wealth transfer from whales to retail investors. The data shows that since March 2018, addresses with 1 BTC or less have been holding and accumulating. Furthermore, there was a dramatic increase of addresses holding 0.1 to 1 BTC after the March 2020 Thursday sell-off. This according to the firm is a sign of willingness to HODL through volatility. In comparison, in whale addresses, there has been little accumulation. The report noted:

“Interestingly, whilst we have continued to see small holder accumulation, larger wallet holdings (>100BTC) are relatively flat on net over the past three years…In total, this group currently hold 62.62% of the BTC supply and have increased their total stake by 0.87% over the past 12 months.”

The data is backed by a research report by JPMorgan Chase. As we reported, the investment bank last week revealed that retail investors have been out buying institutions in the last three months. While admirable that retailers are dominating, it is whales and institutions who hold the power to move prices. This then could among the reasons prices are stagnant.

Streaming Tokens Stun

And it is not in Bitcoin alone that retailers are dominating, their influence is being felt in streaming tokens. In contrast to Bitcoin’s performance, streaming tokens are soaring and setting new highs. Streaming tokens are tokens related to music, video and gaming. This is an emerging market taking advantage of the huge audience exposed to the entertainment industry. As cryptocurrency adoption grows, these tokens have become some of the most sought. Some of these, have in recent months and weeks explored new levels. Theta (THETA) which has been leading the way has in the last few hours reached new highs. After adding over 15% to its value, at $11, the token is looking to set a new ATH.

Audius (Audio) has also been a notable performer with a price change from $0.3396 to a new high of $2.0 in the past 30 days.

Altcoin News, Bitcoin News, Cryptocurrency news, News
John Kiguru

Kiguru is a fine writer with a preference for innovation, finance, and the convergence of the two. A firm adherent to the groundbreaking capability of cryptographic forms of money and the blockchain. When not in his office, he is tuned in to Nas, Eminem, and The Beatles.

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