Crypto Market Jumps 10% with Bitcoin Approaching $25,000, BLUR Token Volume Hits $1 Billion

UTC by Bhushan Akolkar · 3 min read
Crypto Market Jumps 10% with Bitcoin Approaching $25,000, BLUR Token Volume Hits $1 Billion
Photo: Shutterstock

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.

Crypto Market Jumps 10% with Bitcoin Approaching $25,000, BLUR Token Volume Hits $1 Billion

Photo: Santiment

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.

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.

Altcoin News, Bitcoin News, Blockchain News, Cryptocurrency News, News
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