In recent hours, Bitcoin has reached a peak of $ 28,533; excellent performance also of Ether and Polkadot
Bitcoin (BTC) reached a new all-time high today, after a recovery that pushed the price above $28,400.
Bitcoin reaches a new all-time high
Data from Cointelegraph Markets and TradingView show that in the past few hours the BTC/USD pair managed to break through the previous all-time high, reaching a peak of $28,533. The price has then reduced slightly, and currently hovers around $27,950: still up by an excellent 7.5% compared to yesterday.
This movement brings Bitcoin Revolution ever closer to $30,000, considered by many an important psychological level: only a week ago, such a development would have seemed impossible.
Nevertheless, some analysts believe that the possibility of a contraction down to $19,500 should not be excluded. However, Michaël van de Poppe, collaborator at Cointelegraph Markets, underlined that 27,500$ represents a critical area: its overcoming could pave the way to even higher prices.
Good news for ETH and DOT traders
As is often the case, the rest of the market followed Bitcoin’s movements: Ether (ETH) touched $740 thanks to a daily increase of 5.5%. To say the least, the performance of Polkadot (DOT) was incredible, whose price increased by almost 50% in a single week.
An exception is XRP, in the red by 10% compared to yesterday: the removal of the cryptocurrency from many large exchanges has significantly damaged the price, which has fallen by 44% in a single week.
Whales have been aggressively buying Bitcoin since Christmas
On-chain data shows that large wallets are buying more and more Bitcoin, despite the seemingly overextended price
According to on-chain data, Bitcoin whales (BTC) have been buying more and more assets since Christmas, indicating that wealthier investors are continuing to fight to grab BTC.
It is nearly impossible to separate institutional investors from individual speculators simply through on-chain data; however, the trend shows that big money is increasingly entering the Bitcoin market.
Holders of large amounts of Bitcoin.
Why do whales continue to buy more and more Bitcoin?
According to Santiment analysts, about $647 million in Bitcoin would be transferred from small to large addresses.
Accounts with 1,000 BTC or more are considered “whale” by many analysts, as 1,000 BTC is equivalent to nearly $27 million at the current price of $26,900. Analysts wrote:
“In the 48 hours since Christmas, #Bitcoin addresses with $1,000 or more BTC now own 0.13% more total supply than smaller addresses. That’s about 24,158 tokens, which equates to $647.7 million right now.”
Bitcoin’s value nearly tripled in the second half of the 2020s, so for the foreseeable future, growth potential appears limited. Nonetheless, on-chain data shows that a shrinking number of whales are selling on major exchanges. Ki Young Ju, CEO of CryptoQuant, said:
“BTC whales seem to be tired of selling. Fewer and fewer large holders are making deposits on exchanges. I think this bull run will continue as institutional investors continue to buy and the Exchange Whale Ratio stays below 85%.”