Home
News
- Bitcoin was trading for $46,000 in the late last week
- It is now trading for USD 48,612.25
- whales are trying to take advantage of the current prices
During the last previous day’s trading session, the price of Bitcoin has taken a bit of a dip. The world’s number one digital asset which was trading for $46,000 late last week, is now trading at USD 48,612.25 at the time of writing this article (17:02 IST).
It means that the currency is up 2.05% in the last 24 hours. The currency last week was trading at $45,000. It looks like the currency is showing bullish signs and whales are trying to take advantage of the current prices.
But who are whales? They are individuals, investing big time in bitcoin who are called big bitcoin owners. It is believed that these individuals own the most bitcoin in circulation. Their money owed is stacked to the gills with cryptocurrency units.
A pattern is observed in whales buying. Whenever the prices of BTC drops, they tend to buy more of them to ensure to add more bitcoins to their portfolios at a bargain.
Many whales have purchased the coin during this time. Nearly 50,000 BTC units were added to several accounts that already boast anywhere between 10,000 and 1,00,000 units. This money was added to the accounts over four days as per Santiment, an on-chain analytics platform.
In the long run, the presence of Whales has a tendency to result in good and bad results. Bitcoin continues to transfer at the superb side, and the greater they buy, the greater the costs of bitcoin has a tendency to run. What is poor is they can take quantities of BTC out of commission.
This makes matters tough for folks that are trying to make stashes with confined economic assets or who’re coming into the gap for the primary time.
Glassnode was quick to notice the Whale activity over the weekend. He said that the relative supply is held by long term holders (LTH) and short term holders (STH) , which tells an interesting story about bitcoin. In the past five months, more than 6.8% BTC supply was spent and gained profit on the recent $52.8k high.
LTH owns 79.5% of BTC supply, equivalent to October 2020. Willy woo, an analyst of crypto assets, also sees the whales coming in a full circle.
Tags: BTC, Bitcoin, Whales, Willy Woo, price correction,
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
