Crypto Whales Are Buying These 3 Altcoins for October Profits

Crypto whales have been capitalizing on the recent industry swings and positive macro events to scoop some altcoins for potential gains in October 2023. On-chain analysis beams the spotlight on 3 mega-cap cryptocurrencies that are whales buying.

Timeline of Bitcoin-cash, Chainlink, Maker

Oracle service provider Chainlink (LINK) has been one of the top-performing altcoins over the last few weeks shooting past $8 last week. However, the Chainlink party seems to be coming to an end with the LINK price currently under a strong retracement and dropping by another 4% in the last 24 hours.

An on-chain signal that preceded crashes of at least 34% for Chainlink in the past has once again formed for the cryptocurrency. Chainlink 30-Day MVRV Ratio Recently Hit The 20% Mark As explained by an analyst in a post on X, the last two times the 30-day MVRV ratio broke above the 19% level, the price of LINK registered a sharp decline.

The price of Bitcoin Cash has experienced significant rise over the course of the last 30 days, resulting in favorable returns for investors. Since July, BCH holders have continuously maintained a positive perspective, which has reduced the frequency of selling activity.

Given Chainlink's latest update, several traders may show a newfound interest in the token. However, LINK's rally could be due for a cool down in the short run now that it was drawing closer to overbought territory.

Bitcoin cash started a strong increase above the $210 and $220 levels against the US Dollar. The price is now trading above the $220 zone and the 55 simple moving average (4 hours).

Maker (MKR), the native digital currency of the decentralized infrastructure and software services provider, has been charting impressive growth leaps in recent times, and the reason has just been uncovered by Santiment. According to the data analytics service provider, the number of active MKR addresses has hit a 10-week high.

Chainlink has successfully integrated its Interoperability Protocol, Chainlink CCIP, onto Base, a new layer-2 blockchain incubated by the Coinbase crypto exchange. This move, announced in a press release on September 27, opens up a world of possibilities for developers, enabling them to harness the power of cross-chain applications and services.

Shiba Inu (SHIB), a formidable name in the world of meme coins, is now on precarious ground. Earlier today, it dropped below Chainlink (LINK) by market capitalization, according to data provided by CoinMarketCap.

Chainlink (LINK), the decentralized oracle network, has been making waves in the cryptocurrency space recently. Renowned crypto analyst Altcoin Sherpa, known for his insightful market predictions on the social media platform X, has voiced strong support for Chainlink, highlighting its promising fundamentals.

Chainlink (LINK) has recently showcased encouraging signs, especially with its price staying robust above the $7.25 benchmark against the US dollar. Moreover, trading above the critical $7.