Cryptocurrency
BTC whale moves $242 million worth of BTC, as it breaks above $12,000
BTC whales have shown historically that they often determine the BTC trend.
BTC whales are on the rise as Bitcoin breaches the $12,000 price level.
Data obtained from Bitcoin BlockBot, a BTC analytic tracker, has shown that a Bitcoin whale has moved 19,721 BTC valued around $242 million.
Whale alert! 🐋 Someone moved 19,721 BTC ($242M) in block 644,178 https://t.co/6nzGw39FRV
— Bitcoin Block Bot (@BtcBlockBot) August 17, 2020
Also, data obtained from Coinmarketcap, another crypto analytic firm, shows that the flagship currency is presently above the $12,000 price level, with a market capitalization of about $227 billion
Why this is happening: Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is awash with cheap money coming from stimulus packages from global central banks.
READ MORE: Why 47% of Bitcoin entities are whales
While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale could 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. This can weaken any bearish trend Bitcoin finds itself in. In other words, 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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In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset custodian management company, gave vital insights on why BTC is attracting investors attention now. She said:
“In the past few weeks, gold saw a new all-time high of $2034 which is about 42.6% in the last decade.
“Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin.
“Bitcoin would outperform gold in a foreseeable future because it’s easily accessible for anyone with internet and of course a more profitable asset than gold.”
Cryptocurrency
Ethereum yearly gains up by 279%, nears $600
Ethereum traded at $584.76 with a 24-hour trading volume of $12,639,110,614.
The world’s second most valuable crypto by market value, Ethereum, is on ‘fire’, taking into account high buying interests seen by global investors as it closes in on $600.
Ethereum has gained more than 279% year to date alone, and it seems the party for its investors is just starting amid recent price action revealing high demand for the popularly known utility crypto.
READ: Buying signs: Ethereum’s total coin supply held off exchanges continues to rise
- At the time of writing, the second most valuable crypto by market value traded at $584.76 with a 24-hour trading volume of $12,639,110,614.
- ETH price is up 7.9% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.
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What this means
- Data retrieved from Glassnode, revealed bullish bias, taking into consideration that Ethereum Active Supply 1y-2y (1d MA) just reached a 10-month low of 24,287,603.528 ETH.
- The previous 10-month low of 24,465,932.420 ETH was observed on 16 February 2020.
- Another critical sign showing that fewer holders of Ethereum are selling is a key metric revealing the Ethereum Number of Exchange Withdrawals (1d MA) just reached a 5-month low of 584.042.
- The previous 5-month low of 584.625 was observed on 05 July 2020.
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Such metrics above, amid significant price volatility prevailing in the ever-changing crypto market, points to broader market sentiments, that most holders of Ethereum are using it more for wealth preservation, rather than for utility purposes.
READ: Ripple gains 12%, CTO owns at least a million XRP
What you should know
Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and Ethereum staking.
Cryptocurrency
Stellar outperforms many Cryptos, yearly gain hits 233%
Stellar XLM has gained huge buying interests from global investors at an unprecedented level.
An unknown crypto, Stellar (XLM), which presently ranks 11th in the hierarchy of the most valuable crypto by market value, has gained huge buying interests from global investors at an unprecedented level.
Such buying interests as seen in recent times are greatly responsible for XLM gaining as much as 233% year-to-date. Its incredible return outmatches major crypto assets in the crypto-verse.
READ: Pigs on a rampage, Bitcoin drops $2,000
- Popular Crypto aggregator, CoinMarketCap ranked the fast-rising crypto, Stellar lumen (XLM) as the second most-viewed digital asset for the week.
- This week, $XRP is first followed by $XLM and $AD.
READ: Ripple gains 12%, CTO owns at least a million XRP
The Top 10 Trending Tokens in Crypto this Week! 📊
This week, $XRP is first followed by $XLM and $ADA
P.S. Our new crypto lists can be found at: https://t.co/Bd0wQ6bV9Q#Crypto #Cryptocurrency #altcoin pic.twitter.com/Uug9SPNhzj
— CoinMarketCap (@CoinMarketCap) November 28, 2020
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At the time of writing this report, XLM traded at $0.197108 with a daily trading volume of $915,396,826. XLM price is up 0.9% in the last 24 hours. It has a circulating supply of 22 billion coins and a max supply of 50 billion coins.
READ: Ripple is selling 33% of its ownership in MoneyGram
What you must know
- Stellar is an open platform that permits its users’ funds transferred and stored.
- It began its operation about 6 years ago, with the major objective to boost financial inclusion globally by reaching the world’s unbanked prevalent in many parts of Africa and minor Asia. It however, updated such objectives by focusing on assisting financial institutions to connect with each other through blockchain technology.
- Its crypto token is known as the lumens, with the purpose of making it fairly cheap to trade financial assets across borders, with the mission to outplace many existing payment providers, who often charge high fees for such service.
Explore Data on the Nairametrics Research Website
Cryptocurrency
Bitcoin jumpstarts strongly, daily trading volume hits $25 billion
At the time of writing, the flagship crypto traded at $18,520.10 with a 24-hour trading volume of $24.6 billion.
The world’s most popular crypto, bitcoin is grabbing the headline once again amid buying pressure seen lately after it dipped as low as $16,400.
What we know: At the time of writing, the flagship crypto traded at $18,520.10 with a 24-hour trading volume of $24.6 Billion. BTC price is up 3.9% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
READ: Airbnb says Crypto, Blockchain key to future success
What this means; It is important to observe that long-time Bitcoin holders are increasingly holding BTC for longer periods, leading to some scarcity; thereby, pushing prices as retail traders rush to own a stake in the most demanded crypto amid the COVID-19 era.
- HODLing activity by global investors has surged since March when the price of BTC briefly dropped below $4,000. Since then, investors have been steadily accumulating BTC.
- Nairametrics believes the increased buying pressures by notable institutional brands is partly responsible for the non-dilutable crypto recent highs
READ: Ripple suffers highest day percentage loss since September 3
Some weeks back, Square Inc. led by Twitter’s Jack Dorsey on October 8th, disclosed that it purchased 4,709 bitcoins at an estimated worth of $50 million.
Square added that it invested in cryptos because it saw it as a tool for economic enhancement via participation in the future of payment systems, which aligns with Square’s objectives.
READ: Pan-African software company AirSmat raises $100,000 investment
The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja.
READ: Stellar outperforms many Cryptos, yearly gain hits 233%
Some weeks back, MicroStrategy, a publicly-traded company based in America, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal, as BTC is being used as intended – a hard money/savings instrument.
With so much demand, especially from institutional investors like Grayscale and Microstrategy, it might just be a matter of time for the world’s flagship crypto to jump the bullish wagon in the long term.
READ: Ethereum yearly gains up by 279%, nears $600
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