The odds are in favour of the most popular crypto market, as rich investors in recent weeks have increased their pace in transferring Bitcoin.
These are catalyzed by the rush which includes crypto traders and investors trying to have a stake in this fast-changing crypto asset.
Data obtained from Whale Alert, a crypto analytic tracker, showed unknown Bitcoin whales moving over $1 billion in more than ten separate transactions within 24 hours ago.
The latest 3 transfers are seen below:
Whale alert! Someone moved 5,332 BTC ($142M) in block 663,149 https://t.co/abAFXWGygH
— Bitcoin Block Bot (@BtcBlockBot) December 27, 2020
What you should know: At the time of drafting this report, the fast-evolving crypto, Bitcoin traded at $26,897.82 USD with a daily trading volume of $51,274,635,738 USD. Bitcoin is up 8.39% in the last 24 hours.
Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs, while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.
At the BTC market, investors or traders who own large amounts of Bitcoins are typically known as Bitcoin whales.
This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
By Olumide Adesina