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The broader cryptocurrency market is facing heavy selling pressure over the past 3-4 days, slipping below the $800 billion market cap. However, a few altcoins like Chainlink (LINK), Tron (TRX), and Litecoin (LTC) have seen renewed interest from investors thus defying the market correction.

While Bitcoin and Ethereum were under a sharp correction earlier on Monday, oracle service provider Chainlink (LINK) saw a nice rally. At press time, Chainlink (LINK) is up 5.96% at a price of $6.07. This is happening because the activity of the Chainlink address is currently on the rise. On-chain data provider Santiment reported:

Chain link jumped slightly +3% on Monday despite #Bitcoins & #Ethereum fall. The bigger story is the $LINKthe sudden increase in active addresses of , which began to increase approximately when the @FTX_Official spillovers have occurred, and they are still at high year over year levels.

Courtesy: Saniment

As of press time, other digital assets and altcoins are also doing well. Tron’s native cryptocurrency, TRX, is up 3.6%, trading at a price of $0.05191 and a market cap of $4.7 billion. The altcoin is also trading in the positive zone on the weekly chart.

Earlier this month, Tron DAO shared an important milestone. Between November 7 and November 13, the total number of accounts associated with the Tron blockchain reached 119,949,499, with the total number of transactions peaking at 4.19 billion. The blockchain height for Tron exceeded 45.83 million with the total value locked (TVL) peaking at $12.3 billion.

Litecoin (LTC) is another altcoin that is showing its strength as of now and is trading up 3% at a price of $62.07 with a market cap of $4.4 billion. It also overthrew Solana to become the fifteenth largest cryptocurrency by market capitalization. Over the past seven days, the LTC price has increased by 8%. Earlier on Monday, the Litecoin Foundation shared a milestone for blockchain.

Altcoins Ethereum sees whale buying resuming

The world’s second largest cryptocurrency, Ethereum (ETH), was the target of FTX’s collapse. The news that an FTX hacker is accumulating a large amount of Ethereum (ETH) has raised concerns that a massive dump is coming. As a result, the price of ETH dropped to $1,100 in the recent market mayhem.

However, on-chain data shows that Ethereum whales resumed their accumulation when they ended. String data provider Saniment reported:

Ethereum big whales (holding $10.9M to $1.09B) added another 947,940 $ETH yesterday worth about $1.03 billion. This is the 5th largest one-day addition in the past year. The last 4 instances, $ETHprice vs. $BTC increased by an average of +3.2% over the following 3 days.

Courtesy: Santiment

Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in a learning process and motivates himself by sharing his acquired knowledge. In his spare time, he reads thrillers and occasionally explores his cooking skills.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.





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