Bancor (BNT) Market Cap Triples in 4 Days – Analyst Reveals the Catalyst

The decentralized liquidity protocol Bancor (BNT) has staged a remarkable comeback in recent days, with its market capitalization more than tripling over the past four days. This massive surge appears to be driven by significant accumulations from whales and other large holders.

Bancor pulled off one of the most stunning rallies of 2023 so far, with its BNT token jumping by 139%. This resulted in Bancor’s market cap exploding to $115 million, a 3 fold jump in just four days.

Source: Santiment – Start using it today

According to on-chain analytics provider Santiment, the build-up to this rally was evident for weeks beforehand. Their data showed the number of BNT wallets holding balances between 10,000 to 100,000 BNT had steadily accumulated since late October. These “sharks and whales” were hinting at the spike to come.

Overall, BNT holders have been accumulating heavily as well, with Santiment noting that BNT holdings across the network were the highest they had been in 8 months. This return of strong conviction from both small and large holders paved the way for the upside breakout.

Bancor v3, a significant upgrade focused on enhanced liquidity and pricing, also recently went live. The success of the well-executed launch likely improved investor sentiment around the project.

Read also:

The on-chain insights make it clear Bancor’s powerful rally was not a random pump. Targeted accumulation by “smart money” holders provided the fuel for BNT’s meteoric rise once upside momentum kicked in. Savvy traders will closely watch for similar patterns in other altcoins that could signal the next breakout.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.