Bitcoin Back Above $23,000 Once Again, Altcoins Support Rally

UTC by Bhushan Akolkar · 3 min read
Bitcoin Back Above $23,000 Once Again, Altcoins Support Rally
Photo: Depositphotos

Aptos led the rally in altcoin space jumping by more than 40% in a day amid huge whale accumulation.

The world’s largest cryptocurrency Bitcoin (BTC) continues to see more buying interest as the BTC price spikes above $23,000 once again, some altcoins follow this tendency. As of press time, BTC is trading 1.4% up at a price of $23,050 and a market cap of $443 billion.

CryptoQuant CEO Ki Young Ju noted that Bitcoin has entered an early bull phase. As per on-chain PnL-related indicators such as MVRV ratio, most investors are still underwater. Ju believes that the selling pressure is unlikely to resume since no one would want to sell at these levels at a loss.

He also added that BTC whales have been holding their supplies strongly even during the current price pump. Commenting on the latest report by CryptoQuant, the CEO noted:

“Ofc, Bitcoin still has contagion & macro risks, and we may see more bankruptcies, M&As, and capitulations in the next few months. But, from on-chain perspective, $BTC whales haven’t moved Bitcoins despite the recent price surge. The market might have yet to reach its target”.

Altcoins Take the Charge of the Broader Market Rally amid Bitcoin Growth

In addition to Bitcoin, the latest pump in the crypto space has been largely supported by a bigger rally in the altcoin space. The world’s second-largest cryptocurrency Ethereum (ETH) is up by 3.44% in the last 24 hours with its price shooting once again above $1,600 levels.

APT, the native token of Aptos, has registered one of the biggest gains jumping by 46% in the last 24 hours. At $19.3, the APT token is currently trading at its all-time high level. The APT token has registered an impressive rally over the last month gaining by nearly 500%.

As per blockchain analytics firm Kaiko there’s been a huge whale interest in Aptos. The blockchain analytics firm reported that all the larger whale addresses of $250,000 or more all of them executed on Binance. Furthermore, the blockchain analytics firm noted that the APT token could see institutional demand on Coinbase where its “volume of bids is now nearly double the volume of asks.”

Furthermore, Binance Research also reported that the interest in Aptos NFTs is increasing. “NFT investors [have] start[ed] accumulating them to become early adopters and take advantage of potential flipping opportunities,” it noted.

Another cryptocurrency that’s registered massive gains over the last 24 hours is dYdX which has jumped by  more than 20% amid whale accumulation. On-chain data provider Santiment reported that “DYDX has been a bright spot and is +22% on the day in an otherwise quiet #altcoin market. There are already 986 active addresses on the #DYDX network, indicating a big utility increase. Additionally, there are already 10 $1M+ whale transactions today”.

Altcoin News, Bitcoin News, Cryptocurrency News, News
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