Bitcoin soars as the whales continue to accumulate.
Whales continue to accumulate
Bitcoin, currently trading at a price mark of $ 56,500, is up about 2.50% in the past 24 hours. The most encouraging factor is that investors continue to hold onto BTC and instead of taking profits, continue to strengthen their BTC portfolio. While the aggregate global market capitalization of the entire crypto market is 2.33 trillion, an increase of 0.53 percent, BTC’s 24-hour trading volume is also up 14.68%.
🐳 #Bitcoin ended the weekend with over $ 56.3,000 and #Crypto is still a whale market. Addresses with 100-1,000 $ BTC accumulated 85.7k $ BTC from the end of September below. These whales now hold 21.3% of the supply, the largest ever. https://t.co/EkTxdBgUHc pic.twitter.com/SaMvlcaMFt
– Santiment (@santimentfeed) October 11, 2021
Crypto Analytics Sentiment data shows a strong buying trend as addresses with BTCs between 100 and 1000 have brought in 60,000 BTCs since the beginning of this month. While 20,000 BTCs have now been dumped onto the market. The other set of data shows that since the end of September the address with 100 to 1000 BTCs has accumulated 85.7k BTCs. According to the data, whales now hold 21.3% of the total BTC market supply, the largest ever.
In the recent past, $ 40 million has been liquidated from the market as people took profits on short positions.
Bitcoin 13% away from an all-time high
Now it seems quite likely that strong purchasing power will continue to lead BTC’s bullish price action. Just 13% off its all-time high of $ 64,863, the coin could break the mark at any time during the month. If the institutional buyers or whales continue to exert sufficient pressure, BTC could hit an all-time high this week, on the contrary, if they take their profits away and the trading volume of BTC falls, there is a slight correction to $ 50,000 on the charts.
Right now, it’s pretty obvious that the leading cryptocurrency, BTC, is pretty steadily adjusting to a high Q4.