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Wednesday, May 18, 2022

Bitcoin biggies are back with a bang

NEW DELHI: The Bitcoin whales are back. ‘Whales’ are those individuals that hold large amounts of bitcoin.
Data from Blockchain firm Chainalysis shows that accounts holding bitcoin estimated at over $50 million have continued to buy the cryptocurrency since June end.
Between late June and until recently, investors have acquired digital assets close to $10 billion which is somewhat closer to what whales held in February 2021, revealed data from Chainalysis.
Bitcoin value started climbing steadily in the beginning of July, hit a new high by the end of the month and the run continued till the first fortnight of August.
However, analysts are still very curious to know how and why the price surge is fuelling the buying and not the selling. Could this be the advent of a boom? This is what has caught their imagination.
Large investors in Bitcoin who are piloting the pole position are also driving the market to its logical levels.
The Bitcoin stacked up at the investors has been assigned to medium level changes happening in the crypto market. The whale activity is being linked to the oncoming surprises or trends. This trend was seen even at the end of February when the prices shot up with whales including Elon Musk, investing in a big way.
However, the buoyancy was short-lived and soon the prices fell, but those who had invested in the low-pressure regime made money. According to data from Chainalysis, whale activity had fluctuated based on the volatility of the crypto assets. This was seen evidently in March 2021.
The large Bitcoin holders (whales) are likely to hold on to their crypto assets for a longer period. Almost 75 percent of crypto assets are retained by them in every cycle of ups and downs.
The value of the entire cryptocurrency market crossed $2.2 trillion which was the second time in a period of 45 days.

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