Figures from wallet transactions on the Bitcoin blockchain suggest that a few crypto whales may be behind the current Bitcoin price surge. For the first time since August 2018, the world’s pioneer cryptocurrency made its way past the $7,000 price point.
In this current Bitcoin price surge, the price moved above $7,500 per unit, before retracing back towards the $7,000 region. As at the time of writing, the Bitcoin price is at $7,023.
The actions by crypto whales as observed on the Bitcoin network showed the movement across wallets of as much as 86,140 BTC. This amount of Bitcoin was worth about $596 million as at the time of the transaction.
Particularly, a unique pattern with the recent transactions reveal that most of them were between wallets that are not hosted on exchanges. As a matter of fact, out of the 20 biggest transactions within the period being considered, only two were from unknown wallets to an exchange wallet.
The rest of the transactions involved cryptowhales moving their digital assets from exchange wallets to unknown wallets, or from one unknown wallet to another. This suggests a hodling attitude, and further establishes the opinion that cryptowhales may be behind the current Bitcoin surge.
While bitcoin price moved up, other cryptocurrencies followed, with Ethereum also posting significant gains. The price of one ETH went as high as $190, but has since retraced and trading at $187 as at press time.
Overall, the trend has been up for cryptocurrencies. Sometimes, the charts appear to be moving in a seesaw manner with Bitcoin and altcoins alternating in their movements. At other times, they have all found reason to surge at the same time in the same direction.
This overall upward trend is encouraging regular investors to stock up their portfolios through platforms like CryptoFish, where you can buy Bitcoin and altcoins easily using your debit or credit card. The platform’s instant process sends purchased digital assets directly to a buyer’s wallet in real time.
XRP, Bitcoin Cash, Litecoin, EOS, Dash and several other cryptocurrencies are in a general upward trend in a movement that many have described to be the main recovery of the cryptocurrency market from the slump of 2018.
The technical indicators that dominate the market are suggesting a continued upward movement. A strong support for Bitcoin has been formed around the $7,000 region. Therefore, when fundamentals like the action of crypto whales support the overall technical outlook, the market becomes relatively easy to predict.
Investors and traders using this opportunity to take up hodling position are always advised to make independent analyses of the market and ensure not to exceed their risk accommodating levels in the fast-moving cryptocurrency market.
However, it is important to note that the big players always play significant roles in influencing the market direction. Hence, the suggestion that crypto whales may be behind the current Bitcoin surge.
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