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Cryptocurrency

Bitcoin surges pass $11,500, BTC wallets activity hit 2.5 year high

Bitcoin network activity is on the rise and at levels not seen in over 2.5 years.

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cybercriminals, What it will take Bitcoin to hit $100,000?

The recent bullish run in the crypto-verse suddenly struck the world’s flagship crypto asset. BTC just recently hit pass the $11,500 price level coupled with BTC activity hitting a 2.5 year high.

With 18.7 million unique active BTC addresses in July, Bitcoin network activity is on the rise and at levels not seen in over 2.5 years.

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In Bitcoin’s history, July’s number has only been topped by two months: December 2017 and January 2018.

How BTC wallets activity was tracked: It’s important to note that BTC is not really anonymous, because all BTC transactions are kept permanently and publicly on the blockchain or ledger system. This makes it very easy for anyone to see the transactions and balances of any BTC address.

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The price of the world flagship currency according to data retrieved from Coinmarketcap shows its trading above the $11,500 price levels for the first time in 12 months as crypto traders believe there are lots of open ranges between $11,600 and $15,000.

What you need to know: The price of Bitcoin (BTC) has surged pass $11,600 for the first time in 12 months buoyed by bullish bias recently recorded in the BTC market. As BTC/USD demonstrates a strong upward move, investors now believe there is little resistance until it reaches $15,000.

Nearly 95% of bitcoins in wallets are in profit, and still climbing. We typically see this red-line in the main part of the bull run to the top.

Despite $BTC’s recent price surge, we haven’t seen large-scale deposits of funds into exchanges.

So far, the Bitcoin balance on exchanges remains stable – at around 14.5% of the circulating BTC supply.

 

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Patricia

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

90% of Ethereum wallets are now in profit

The second most valuable crypto asset records a trading volume of about $13.88 billion.

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Ethereum,Ethereum Whales Cumulative Holdings Touch 10 Months High, ETH Passes $220, Ethereum wallets holding at least 0.1 ETH just crossed the 3 million mark for the first time

Most Ethereum holders now have a good reason to smile to the banks. This is because over 90% of the circulating Ethereum supply is now in a state of profit. In other words, the current price is higher compared to the price point at the time the coins last moved.

Last time we saw this level was in February 2018 when the $ETH price was at $925.

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READ MORE: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

Ethereum was trading around $391, as at the time of filing this report. It is the second most valuable crypto asset in the world with a market capitalization of $143.88 billion as well as a trading volume of about $13.88 billion.

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READ MORE: Ripple has released 1 billion XRP; here’s what this means

Why Ethereum is surging 

In an earlier article by Nairametrics, the co-founder of Spartan Black, Kelvin Koh, was quoted as he explained what was responsible for the surge in the ETH market. He said:

“The strong move in Ethereum has to do with the upcoming ETH 2.0 launch which is a major catalyst. Every phase of ETH 2.0 over the next 2-3 years brings ETH closer to its final state and will be catalysts for Ethereum.”

READ MORE: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours

What to look for

Breaking the $400 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March following the market carnage that occurred as a result of the ravaging COVID-19 virus.

It should, therefore, be noted that Ethereum 2.0 is imminent. This will see the crypto asset switching from the current proof-of-work model to proof-of-stake. It will also optimize sharding techniques which will help hasten up transactions on the blockchain.

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Cryptocurrency

Why you should consider selling Bitcoin now

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A Mysterious Bitcoin Whale Causes Brief Panic Sell Offs at Bitcoin’s Market, The odds against Bitcoin, Goldman Sachs says Bitcoin is not an investment asset, BTC whales control the BTC market, at the highest levels , , There are now 13,173 BTC millionaires around the world

Recent trends and macros surrounding the world’s most valuable crypto asset have shown that investors need to start selling some of their bitcoins for profit.

The facts: BTC rose above the $12,000 price level, roughly about 23 hours ago. But there were warning signs indicating that daily active addresses on the network were not keeping up with the surging price, and that a correction would be swift. A bearish divergence also formed.

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Yesterday, the price continued to climb towards $12,000 in spite of DAA dropping from 1.06  million on Friday to 959, 000 on Saturday (-9.5% drop). As a result of this bearish divergence, Bitcoin fell back to $11,000 price levels in a hurry (-8.3% price drop).

READ MORE: Earning BTCs without Having To Pay Money

Warning signs: While crypto exchanges are still sorting out liquidations in the BTC market, one should probably ask what the BTC whales are doing. That sell-off was perpetuated and possibly triggered by an over-leveraged market.

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“In the last 24 hours, BitMEX lost the most open interest in Bitcoin futures – about $105M. Followed by OKEx, Huobi, and Binance (all losing more than $50M),” Larry Cermax said.

READ ALSO: CBN Governor guarantees investors over forex repatriation

However, Rafael Schultze-Kraft, Chief Technical Officer at Glassnode, with a detailed diagram, explained why despite the recent plunge, the world’s flagship cryptocurrency still had the bullish momentum in play.

READ ALSO: There are now 18,000 Bitcoin millionaires

“Investors are not moving $BTC at a loss. Adjusted SOPR (hourly chart) is still above 1 despite the sharp price drop, showing no sign of a short-term trend reversal (yet). Closely watching this level,” Schultze-Kraft said.

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Why is BTC volatile? The price of Bitcoin is so volatile because of its high use for financial gain and speculating advantages used by global investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins as they would do for any other financial asset (stocks, bonds) with regulatory limitations.

READ ALSO: Mysterious Bitcoin whale moves 15,022 BTCs worth $162 million

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What you should do: Nairametrics advises cautious buying in this fast-growing financial asset, as high market volatility could expose you to significant losses. It’s highly recommended you seek advice from a certified financial advisor when buying these crypto assets.

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Cryptocurrency

Bitcoin price drops $1400 in minutes

BTC initially surged in trading $12,112 in the early hours of trading on Sunday morning.

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Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

Bitcoin reminded investors of its high volatility in the world’s biggest crypto market as it lost about $1400 in just 30minutes, a few hours ago.

BTC, the world’s biggest crypto asset by market value, initially surged in trading $12,112 in the early hours of trading on Sunday morning, reaching $12,000 since August 2019. Data from Coinmarketcap showed it plunged to about $10,638 30 minutes after that high.

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READ ALSO: ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

“Clearing resistance at $10,000-$10,500, which coincided with the downtrend line from the late 2017 highs and first-quarter 2020 highs, established a higher high for Bitcoin confirming a new tactical uptrend,” according to Rob Sluymer, the technical strategist at Fundstrat Global Advisors LLC.

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Bitcoin’s plunge was bad news for the bulls. By falling back around the $11,000 psychological support, it has shown a likely downward trend as investors start to close their positions.

READ MORE: There are now 18,000 Bitcoin millionaires

Why it happened: The price of Bitcoin is  so volatile because of its high use for financial gain and speculating advantages used by global investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins as they would do for any other financial asset (stocks, bonds) with regulatory limitations.

What you should do: Nairametrics advises cautious buying in this fast-growing financial asset, as high market liquidity can expose you to significant losses and loss of funds. It’s highly recommended you seek advice from a certified financial advisor when buying these crypto assets.

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