Bitcoin Whale Addresses Hit 15-Month High – A Sign Of Growing Accumulation?
20 Gennaio 2024 - 9:20AM
NEWSBTC
The story has not been much different for the price of Bitcoin this
week, as the premier cryptocurrency has struggled to capitalize on
its recent advancements. According to data from CoinGecko, BTC is
down by more than 3% in the past week, putting doubts over the
continuation of the bull run. However, the latest on-chain
revelation has offered some relief, suggesting that the value of
Bitcoin might be up for substantial recovery over the next few
weeks. Can Whale Accumulation Trigger Continuation Of Bull
Cycle? Popular crypto analyst Ali Martinez revealed – via a post on
the X platform – that the number of Bitcoin whales has witnessed a
significant increase over the past few days. This is based on the
“Number of Entities With At Least 1,000 BTC Balance” metric from
the on-chain analytics firm Glassnode. Related Reading: Algorand
(ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base
Skyrockets According to the latest Glassnode data, the number of
addresses holding at least 1,000 BTC surpassed 1,510 on Thursday,
January 18. This figure represents the metric’s highest level in
over 15 months (since August 2022). Chart showing the number
of entities with at least 1,000 BTC | Source: Ali_charts/X Large
holders, commonly known as “whales,” are considered relevant
entities in the cryptocurrency market due to their ability to
influence prices and market sentiment. Hence, a notable uptick in
the number of whales often suggests growing confidence in a
cryptocurrency – in this case, Bitcoin. Furthermore, this surge in
whale addresses signals potential accumulation amongst large
investors and institutions. Acquisition of large Bitcoin amounts is
a positive sign for the market leader, especially in terms of price
performance. A recent Santiment report adds strength to this
argument, saying that increased whale accumulation of Bitcoin would
be a “key” factor to help trigger another bull run for the flagship
cryptocurrency and the entire sector. The blockchain
analytics firm also highlighted the accumulation of the Tether and
USDC stablecoins as a vital signal for the cryptocurrency market’s
return to its recent high. Bitcoin Price Overview As of this
writing, the price of Bitcoin stands at $41,593, reflecting a 1.1%
increase in the past 24 hours. This doesn’t fully tell the story of
the coin’s performance in the past day, though, as it briefly fell
below $41,000. Related Reading: Bloodbath For Bitcoin: Grayscale’s
$529 Million BTC Move To Coinbase Pushes Price Below $41,000
According to data from CoinGecko, BTC is down by more than 5% in
the last 14 days. The cryptocurrency has reversed all its gains and
more from the recent launch of spot exchange-traded funds in the
United States. Nevertheless, Bitcoin maintains its spot as the
largest cryptocurrency in the sector, with a market cap of over
$814 billion. Bitcoin's price reclaims $41,000 on the daily
timeframe | Source: BTCUSDT chart on TradingView Featured image
from iStock, chart from TradingView
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