From Bitcoin Peaks to Altcoin Feasts: Whales Bet Big on ADA and AVAX

Bitcoin has once again rewritten the record books, climbing to roughly $124,500 on Thursday night. The move put the world’s largest cryptocurrency nearly $1,000 above its previous peak, climbing nearly 5% from the previous day of its ATH.

The rally was swift, but the market could now watch a key test. Bitcoin has pulled back slightly, retesting support around $119,000. With this rally, the market value of the pioneer digital asset surpassed Google, making it the fifth-largest asset in the world with a $2.4 trillion market cap. It still trails Apple, Microsoft, Nvidia, and Gold. hinted at the possibility that whales are selling to put profit into altcoins.

In just the past two days, whales have purchased 200 million ADA tokens, worth about $157 million. That brings their combined holdings to more than 10% of the total supply. This mirrors accumulation patterns seen before Cardano’s 2021 rally.

Cardano (ADA) has crossed the $1 mark for the first time since March, fueling speculation it could climb toward $2 soon. The analyst sees a short-term target of $1.13, with the potential for $1.50 if buying pressure continues. However, any pullback to the $0.85–$0.90 range could present an attractive entry point.

Avalanche blockchain gained traction this week when Visa added it to its stablecoin settlement service. Its Octane upgrade has improved transaction speeds and reduced fees, helping lift its total value locked in decentralized finance by nearly 40%.

Net inflows from large investors into AVAX have jumped 380%. From a price perspective, Avalanche has broken back above $22 after months of range-bound trading. The analyst said that a move above $27 would mark the end of its long accumulation phase and could pave the way for a run towards $35.