Bitcoin Price Rises to $23K for First Time since August Fueled by Whales’ Accumulation

UTC by Steve Muchoki · 2 min read
Bitcoin Price Rises to $23K for First Time since August Fueled by Whales’ Accumulation
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Bitcoin price has obliterated FTX and Alameda losses after rallying more than 33 percent in the past three weeks.

Bitcoin price continued with its past few weeks’ rally over the weekend to hit $23k. Although the asset has scaled down to $22,700 during the early Asian trading session on Monday, Bitcoin’s market dominance has risen to 41.90 percent. Following the three-week pump, Bitcoin’s market capitalization has topped $438,187,899,265 fueled by huge whale accumulation, according to on-chain data.

According to market intelligence platform Santiment, Bitcoin addresses holding between 1,000 to 10,000 $BTC have collectively accumulated about 64,638 BTCs worth approximately $1.46 billion in the last two weeks. As more Bitcoins leave centralized exchanges, trading volume has been recorded to decline in the past few days.

According to our latest crypto price oracles, Bitcoin’s 24-hour trading volume stands at $23,966,344,678 on Monday, down approximately 27 percent.

The ongoing Bitcoin price rally has rejuvenated the altcoin market, with most traders likely to FOMO in highly volatile meme coins. Moreover, Bitcoin may have more upside volatility before reaching the 200W MA around $25k. Additionally, the strong weekly bar in the last three weeks indicates a higher chance of rallying further in the next few weeks before an imminent correction.

Closer Look at Bitcoin Price and Market Outlook

Bitcoin price has obliterated FTX and Alameda losses after rallying more than 33 percent in the past three weeks. Nonetheless, the trauma caused by FTX and Alameda continues to shake some key crypto companies including Gemini, and DCG’s Genesis Trading among others. Moreover, Genesis trading filed for bankruptcy protection under chapter 11 following huge exposure to FTX and 3AC losses.

Bitcoin price has a long way to regain its ATH, $69,044, set on November 10, 2021. Down approximately 67 percent from its ATH, market analysts anticipate a multi-week accumulation before retesting the highs.

Ethereum (ETH), the second largest digital asset, has also rallied in the past few weeks to trade around $1,636.61 on Monday. According to data provided by Coingecko, Ethereum’s dominance stands at around 19 percent with a market capitalization of approximately $197,288,103,370.

The overall crypto rally has coincided with the positive market sentiment in the traditional stock market. The Dow, Nasdaq, and S&P 500 have all risen by over 1 percent in the last 24 hours. As such, crypto-related stocks like Coinbase Global Inc (NASDAQ: COIN) and Marathon Digital Holdings Inc (NASDAQ: MARA)  closed last Friday up 11.6 percent and 9.95 percent respectively.

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Steve Muchoki

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