As an analyst with a background in studying Bitcoin’s price movements and on-chain data, I believe the recent surge in Bitcoin’s price is primarily driven by the accumulation of BTC whales. The significant increase in BTC holdings by addresses containing between 1k and 10k coins indicates growing confidence in the cryptocurrency market.
Over the last seven days, the price of Bitcoin (BTC) has risen by 3.12%, peaking at a record-breaking $73,750. This surge is primarily due to the strong buying power of Bitcoin investors, with significant accumulation observed in wallets holding between 1,000 and 10,000 BTC. IntoTheBlock’s on-chain analysis reveals that these addresses have been the primary contributors to this growth, amassing approximately $1.4 billion in Bitcoin holdings.
Bitcoin Rises Amid Whale Accumulation Trend
Over the last week, Bitcoin’s recent surge in value can be attributed to the buying spree of large-scale Bitcoin holders, or “whales.” Specifically, addresses containing between 1,000 and 10,000 BTC have been amassing more Bitcoin, adding a total of $1.4 billion to their hoards. This notable accumulation underscores the growing faith of investors in cryptocurrency. Additionally, this accumulation may lead to a reduced circulating supply, potentially fueling further price growth.
Large-scale Bitcoin investors, who collectively possess 1.26% of the total BTC in circulation, tend to infrequently dispose of their assets. Their reluctance to sell contributes significantly to market stability by decreasing the amount of Bitcoin available for trading. The continued holding of these significant investors serves as a bullish sign, reflecting their faith and optimism regarding Bitcoin’s future price trends.
As a researcher studying the cryptocurrency market, I’ve observed Bitcoin’s price behavior throughout the past week. Initially priced at $63,789, the digital currency experienced volatility, with its value rising to $65,483 before a substantial jump to $68,871 on May 19. The upward trend persisted, culminating in Bitcoin reaching a peak price of $70,565 on May 21. This surge can be attributed to the optimistic market sentiment and the influence of significant investors, or “whales,” accumulating large quantities of Bitcoin.
Bitcoin’s price changes were influenced by investing actions as well. A combination of inactive and active wallets caused the price swings. The largest investor group owned only 0.91% of Bitcoins, indicating a broad range of ownership. The diverse investment behavior kept the price trend moving forward.
BTC Holds Strong Despite Bearish Sentiment
The financial success of Bitcoin has been surging. A recent analysis from March revealed that an astonishing 100% of Bitcoin accounts saw gains when the value approached its prior record high of around $68,000. Since the beginning of the year, the upward trend has made up for earlier setbacks, with approximately 51.94 million wallets owning Bitcoin at a profit – equivalent to almost all account holders (99.63%). This profitable streak persisted, as over 95% of addresses reported profits when the price touched $57,416 in late February.
Over the past day, Bitcoin’s price has seen a downturn of approximately 3%, reaching $68,049. This bearish trend notwithstanding, the broader market outlook remains optimistic. Large investors, or “whales,” have amassed significant holdings, while an impressive proportion of addresses are reporting profits. The total trading volume within the last 24 hours amounted to $30,721,182,878.03, signaling substantial market engagement.
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2024-05-23 19:42