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It is for the first time that the BTC price is trading close to $25,000 since August 14, 2022. Whale participation and trading volumes might soon shift from altcoins to Bitcoin.
On late Wednesday, February 15, the cryptocurrency market surprised with a strong 10% jump adding more than $100 billion to investors’ wealth in a matter of hours. The world’s largest crypto asset Bitcoin (BTC) is currently trading at 11.5% up at a price of $24,700 and a market cap of $476 billion. With yesterday’s price pump, the BTC price has touched a new 6-month high while completely catching the bear off-guard.
Bitcoin and Wider Crypto Market
It is for the first time since August 14, 2022, BTC is trading above $24,200 levels. Any signs of increasing whale addresses could increase the stakeholders’ confidence further.
Interestingly, Bitcoin (BTC) is outperforming all other altcoins of the top league in terms of percentage gains. Since the beginning of 2023, altcoins held a dominant position over Bitcoin gaining to the tune of 50-70%. On-chain data provider Santiment reported that there’s a possibility that whales and trading volumes could shift to Bitcoin once again. It noted:
Bitcoin is up to $22.9k, and it saw a nice isolated price pump approximately 6 hours ago that pushed it ahead of most of the altcoin pack. January was the time of alt recoveries, so keep an eye on whales & trading volume shifting over to $BTC.
The recent price rally markets 50% year-to-date gains for Bitcoin investors. Cici Lu, founder of Venn Link Partners, a blockchain adviser told Bloomberg: “People forget the free float of Bitcoin can be limited at times and when shorts get squeezed the price just pops”. Over the last 24 hours, nearly $85 million in BTC short positions have been liquidated.
BLUR Sees Huge Trading Volumes
Along with Bitcoin, the altcoin prices too popped up on Wednesday, February 15. The world’s second-largest crypto Ethereum (ETH) is currently trading 9% up at a price of $1,686. As of now, ETH faces immediate resistance at $1,700.
Other altcoins too have shown significant gains. The Binance Coin (BNB) is up by 7%, XRP is up by 4%, Cardano (ADA) is up by 5%, and Polygon’s MATIC is up by 10.14%. Whales are piling up their MATIC reserves in huge numbers. Over the last month, whales have added more than 55 million MATIC coins so far.
Whales are still bullish on #Polygon! 🐋💰
On-chain data from @santimentfeed shows that large holders of 10-100 million $MATIC have bought 55 million #MATIC since January 16, totaling ~$60 million. pic.twitter.com/gk2Ce0xyDO
— Ali (@ali_charts) February 15, 2023
On the other hand, BLUR – the native token of the Blur NFT marketplace – witnessed huge volumes on the first day of trading. The 24-hour trading volume for BLUR tokens has reached close to $1 billion.
After plummeting by 85% on launch, the BLUR token is once again on an upward trajectory. As of press time, BLUR is trading 50.36% up at a price of $1.13.