BTC whales have been moving large stacks of BTCs lately, triggered by the recent bullish momentum in the BTC market.

According to data obtained from BTCBlockbot, a crypto analytic tracker, someone moved 19,630 BTC block 638,319 estimated to be roughly worth about $185 million dollars, less than 12 hours ago.

Whale alert! 🐋 Someone moved 19,630 BTC ($184M) in block 638,319 https://t.co/lfZolRzLCR

— Bitcoin Block Bot (@BtcBlockBot) July 8, 2020

In addition, BTCBlockbot suspected that the BTC whale probably came from Coinbase moving about 19,630 BTC ($185M) in block 638,316.

Whale alert! 🐋 Someone (possibly https://t.co/jIWhXDP3O5) moved 19,630 BTC ($185M) in block 638,316 https://t.co/Rk7ySfMt8L

— Bitcoin Block Bot (@BtcBlockBot) July 8, 2020

Global investors and traders are now rushing into the BTC market as cheap money abounds, and inflation is on a record high. While it is difficult to predict market movements, BTC whales have shown historically that they often determine BTC trend.

READ ALSO: Over 900,000 active Bitcoin wallets push transactions to 3-year high 

Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically called 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. Meaning 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.

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“The price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales,” Glassnode noted.

“However, the average balance held by each large holder has decreased during this period, such that whales actually hold less bitcoins now than in 2016, and less wealth (in USD terms) than in 2017,” it added.

As of now, there are 13,173 BTC millionaires, or addresses containing greater than $1 million value of Bitcoin.

Recall that the wealth of many BTC investors have grown exponentially at the BTC market, as holders of more than 1000 BTCs or more referred to as whales have been increasing at a steady pace after BTC recent halving,

In addition, as transaction numbers in BTCs market keep hitting record highs, the number of dollars that buyers invested in $BTC just made a new all-time high. This suggests that something big is about to happen in the flagship cryptocurrency market.

The momentum in BTCs market has been gaining a steady pace since a report released by America’s most valuable bank, JP Morgan Chase, showed Bitcoin as a store of value asset.

READ MORE: There Are Now 1800 BTC Whales

“Though the [bitcoin] bubble collapsed as dramatically as it inflated, BTC has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March,” said JPMorgan experts in a report led by the head of U.S. interest rate derivatives strategy, Joshua Younger and cross-asset research analyst, Nikolaos  Panigirtzoglou.

Meanwhile, the flagship currency had remained above the $9,000 support level in several weeks, data from Coinmarketcap shows that BTC has a market capitalization of about $173.2 billion dollar with a daily trading volume standing at $18.78 billion. 

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Quick fact; BTC is a completely decentralized digital crypto-asset, unlike fiat currencies that you can hold in your physically there is no central authority or centralized payment system controlling BTC. Bitcoin operates in a peer-to-peer network that allows any individual in the world to send and receive Bitcoin without any middleman (like a bank, central bank or payment processor).

The world of cryptocurrency got another shocker as a fast-growing altcoin gained 50% some hours ago, the highest single-day percentage gain since 2017. This was captured by a leading crypto researcher, Ryan Watkins.

Dogecoin going vertical.

Up 50%+ in last 24 hours. Highest single day percent gain since 2017.https://t.co/RHtsjjI7X7

— Ryan Watkins (@RyanWatkins_) July 8, 2020

Data from Coinmarketcap shows that the cryptocurrency is the 27th most valuable crypto asset, with a market capitalization of $528.3 million.

Dogecoin is presently trading at $0.004217 up 51.93% at the time this report was drafted.

Quick fact: Dogecoin is a type of digital coin that is decentralized, and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”

READ MORE: Best time to make money trading BTCs

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of cryptocurrency research firm, Delphi Digital.

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Global search interest on “How to buy a dogecoin” has also skyrocketed from a score of 25 to 100, the highest possible search popularity score, over the past few days, according to 12-month Google Trends data analyzed by CoinDesk.

Some of the videos on TikTok, a newly popular social media platform, garnered more than 100,000 “likes,” while all videos with the “dogecoin” hashtag amassed several million.