At the onset of May, the values of Bitcoin and various altcoins experienced a drop, with Bitcoin spiraling down to $56,500. Nevertheless, a market recovery ensued, propelling Bitcoin's price closer to the $62,000 threshold. Amidst this scenario, whales, the substantial holders of cryptocurrency, redirected their focus towards procuring altcoins. Recent data from Nansen pointed out that within the last 24 hours, IMX coin stood out as one of the top preferences among whales.

IMX Coin and Additional Cryptocurrencies Highlighted by Nansen
During the downward trajectory of Bitcoin and altcoins, Bitcoin's value slid to $56,500 before rebounding close to $62,000. Whales were actively engaging in acquiring altcoins during this phase, with the most favored selections encompassing USDC, ZENT, COMP, and IMX.

Insights into Whales' Selections
Moreover, whales engaged in acquisitions of other cryptocurrencies such as ZETA, ENA, weETH, wstETH, aEthWBTC, stETH, and cbETH, with a significant focus on Ethereum derivatives. The predilection for these altcoins by whales could be ascribed to a variety of factors:

ZENT: ZENT represents a decentralized finance (DeFi) protocol offering financial services to individuals lacking access to conventional financial frameworks. With the escalating enthusiasm for DeFi, the demand for protocols like ZENT is on the upswing.

COMP: COMP stands as the token of Compound, a decentralized lending and borrowing platform enabling users to borrow and earn interest by leveraging their cryptocurrencies as collateral. The burgeoning popularity of Compound is fueling the demand for the COMP token.

IMX: IMX serves as the token of Immutable X, a platform dedicated to trading in-game items. As the utilization of non-fungible tokens (NFTs) in gaming expands, the worth of Immutable X and the IMX token continues to soar.

Wrapping Up Observations
The inclinations displayed by whales towards altcoins might suggest a shift in trend within the cryptocurrency markets. With a decline in the allure of Bitcoin, investors are gravitating towards alternative altcoins. This transition could potentially lead to escalated prices for altcoins; however, it is imperative to exercise prudence as cryptocurrency markets are renowned for their volatility. Undertaking comprehensive research before making investments proves pivotal within this domain.