Ki Young Ju, CEO of cryptocurrency analysis firm CryptoQuant, made an impressive statement regarding an upcoming rally in altcoins.
Ju said in his latest statements that there has been a significant increase in limit buy order volumes for altcoins other than Bitcoin and Ethereum, indicating that significant buy walls are being built.
“Whales are preparing for the next altcoin rally,” Ju said, adding: “Limit buy order volume for altcoins other than Bitcoin and Ethereum is increasing, indicating that strong buy walls are being established.”
Ju also explained the technical features behind this indicator, which may not be fully understood by all market participants. Explaining the difference between market orders and limit orders, Ju stated that market orders create 'buyer volume', while limit orders contribute to 'quotation volume'.
“Whales and institutions such as market makers and brokerages often use limit orders for large trades to prevent slippage,” the analyst explained, adding: “The indicator is calculated by taking the cumulative sum of the difference between bid and ask quote volumes using a 1-year rolling window. “If there is an increasing trend, this means that the quoted buying volume is increasing and indicates stronger buy walls.”
*This is not investment advice.
