Whales Turn To These Altcoins According To Santiment
Analytical firm Santiment evaluated the crypto market reacting to the ongoing war between Russia and Ukraine.
The firm said crypto whales are turning to Ethereum (ETH), Enjin Coin (ENJ), Axie Infinity (AXS), Compound (COMP) and Band Protocol (BAND).
“Whales are accumulating more ENJ, AXS, COMP, BAND and ETH as price drops continue.
Prices have rebounded pretty quickly, but that doesn’t necessarily mean things will stay that way.”
Many assets fell in the wake of the Russia-Ukraine war. Santiment, on the other hand, says prices will rise after investors get over the initial shock.
“We see the war dragging down cryptocurrencies, stocks and other markets.
But as we’ve learned from the pandemic over the past two years, there’s often a big price hike after the initial shock has passed.”
Santiment also expressed hope that digital assets will also begin to be seen as a “safe haven” like gold:
“Gold has long been a safe haven that investors flocked to in times of crisis. With the emergence of Bitcoin, there is hope that it can also claim as a safe haven.
However, this has not happened in macro terms yet.”