Bitcoin Price Up 4.4% Today amid Rising Demand from Whale Investors
The post Bitcoin Price Up 4.4% Today amid Rising Demand from Whale Investors appeared on BitcoinEthereumNews.com.
Coinspeaker Bitcoin Price Up 4.4% Today amid Rising Demand from Whale Investors The total cryptocurrency market cap surged over 3 percent in the past 24 hours to about $2.51 trillion, fueled by the mild Bitcoin (BTC) price pump. The flagship coins gained over 4 percent in the past 24 hours to briefly reach a daily high of $67,452 on Friday during the early Asian session. Consequently, Bitcoin price has signaled bullish momentum after consistently closing above the 50 and 200 daily Moving Averages (MAs). Moreover, the Bitcoin dominance had its highest daily close of around 56.50 percent on Thursday. According to crypto analyst Benjamin Cowen, Bitcoin dominance could easily reach 60 percent in the coming months before initiating a much-anticipated reversal to trigger the macro altseason. Bitcoin Whales Increases Accumulation Rate Having identified the flagship coin as a reliable digital gold, more institutional investors are pouring more money into Bitcoin and its related products. For instance, Marathon Digital Holdings Inc (NASDAQ: MARA) announced it has adopted a full Bitcoin plan on Thursday after acquiring $100 million worth of BTCs, thus joining MicroStrategy Inc (NASDAQ: MSTR) and other public firms. According to on-chain data provided by CryptoQuant, long-term Bitcoin holders have aggressively accumulated more coins in the past year. Consequently, the supply of Bitcoin on centralized exchanges has gradually declined in the recent past to a multi-year low. Long term #Bitcoin holders 3-5y are increasing massively They are not selling 💪🏽 Credits to @ki_young_ju pic.twitter.com/iDWBkVocFv — Quinten | 048.eth (@QuintenFrancois) July 25, 2024 According to on-chain data analysis from Spot On Chain, a smart whale accumulated 1,147 Bitcoins, worth over $75 million, from Binance in the past nine days. Notably, BlackRock’s IBIT was the only spot Bitcoin ETF issuer that registered a positive cash inflow of about $70.75 million on Thursday.…
Filed under: News - @ July 26, 2024 10:16 am