Altcoins Top Traders are Long After the Crypto Market Crash

Crypto investors and traders remain optimistic that some coins will bounce back once this crash ends. A good example of this is Bitcoin, which the biggest holders like Tesla and Strategy have not sold during the ongoing crash.

As the recent crypto market crash continues, Bitcoin and most altcoins dropped further on Monday. This drop means that BTC is down by 25% from its all-time high, while most altcoins have experienced a deeper crash. Still, some of the top traders remain long some of these falling altcoins like XRP, HYPE, and AAVE.

Altcoins Top Traders Are Long After the Crypto Market Crash

Crypto investors and traders remain optimistic that some coins will bounce back once this crash ends. A good example of this is Bitcoin, which the biggest holders like Tesla and Strategy have not sold during the ongoing crash. Some of the top crypto investors have not sold their XRP, HYPE, and AAVE holdings.

Third-party data shows that top traders are still long XRP even after its price crashed by 35% from its highest level this year. According to HyperDash, traders are still holding XRP positions worth millions of dollars, hoping that it will bounce back. Also, whales bought over 90 million XRP coins last week.

XRP has numerous potential catalysts. First, there are signs that Ripple will gain market share against SWIFT, the messaging society that handles trillions in volume each year. This market share trajectory may happen when the lawsuit between the SEC and Ripple Labs ends.

Ripple is seen as a better alternative to SWIFT because of its nearly instant finality and its cheaper transactions. An average RippleNet transaction costs less than $10, while SWIFT transactions costs between $25 and $50.

Further, the odds of a XRP ETF approval by the Securities and Exchange Commission are high. Ripple has also been named as one of the first coins that will be added in US crypto reserves.

However, the coin faces some short-term risks as it has formed a head and shoulders pattern, pointing to a potential breakdown. This bearish view will be invalidated if it rises above the neckline at $3.

AAVE (AAVE)

AAVE is one of the altcoins that top traders are long even as the crypto market prices crash. Like most coins, AAVE has dropped by over 50% from its highest level this year, meaning that long traders are contrarians who believe that it will bounce back.

For one, data shows that AAVE balances on exchanges have fallen to 2.24 million from 2.68 million in January. Falling exchange reserves is a sign that AAVE holders are not selling their coins.

Further, AAVE is one of the top portfolio tokens for Donald Trump’s World Liberty Financial. Technically, the coin has formed a falling wedge pattern, with the two trendlines nearing their confluence. This confluence is happening at the 61.8% retracement level, pointing to a potential rebound.

Hyperliquid (HYPE)

HYPE is one of the best altcoins that top traders are long as the crypto market crashes. The HYPE token price has crashed by 58% from its all-time high, a sign that these traders hope that it will bounce back soon. Just last week, one crypto whale bought HYPE tokens for $15 million.

The bullish case for HYPE price is that it has a big market share in the perpetual futures market. According to DeFi Llama, the volume handled in the network jumped by 116% in the last 30 days. It handled $51 billion in the last seven days, much higher than Jupiter’s $8 billion. Therefore, the hope is that these fundamentals will help to boost the HYPE price.

Other top altcoins investors are bullish amid the crypto market crash

Some of the other top altcoins that crypto investors are bullish are Pepe, Kaito, Story (IP), and Arbitrum (ARB).

Frequently Asked Questions (FAQs)

1. Which altcoins are top traders long as the crypto market crashes?

2. Will all these tokens rebound?

3. What is the outlook of AAVE?