It is no longer news that BTC whales have been on the rise since the last BTC halving took place a few months ago. Data obtained from BTCBlockbot, a crypto analytic tracker, revealed that a Bitcoin whale moved 11,230 BTC in block 647,817 estimated to be worth $116 million, a few hours ago.
Whale alert! 🐋 Someone moved 11,230 BTC ($116M) in block 647,817 https://t.co/VNN2UCa8gE
— Bitcoin Block Bot (@BtcBlockBot) September 11, 2020
BTC whales have definitely been moving large stacks of BTCs lately, triggered by the recent rush by crypto traders, abd global investors to have a stake in this fast-growing flagship crypto.
At the time this report was drafted, Bitcoin traded at $10,342.99 with a daily trading volume of $20.4 billion. BTC price is up 0.6% in the last 24 hours.
Why it’s 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, and global inflation hitting a record high. 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 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. This means 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.
6 Cryptos rich investors are buying
$ETH, $LINK, $REN, $ELF, $KNC, & $ZRX are among cryptos recently hitting one-year highs.
High net worth investors are quietly putting capital into some cryptos amid the recent bullish happening at the flagship crypto market.
Unsurprisingly, all the cryptos seen by Nairametrics recording high cash inflows are based and built on Ethereum, and the amount of each held by the high net worth investors addresses has hit one-year highs in the previous week, according to a crypto analytics firm – Santiment.
As investors give the world flagship crypto the much-needed attention, Bitcoin’s market price has been ranging between $12.7k and $13.3k, as crypto whales of many respective $ETH-based #altcoins have added to their non-exchange bags. $ETH, $LINK, $REN, $ELF, $KNC, & $ZRX are among those recently hitting one-year highs.
🐳 With most eyes on #Bitcoin's market price between this $12.7k and $13.3k range, whales of many respective $ETH-based #altcoins have added to their non-exchange bags. $ETH, $LINK, $REN, $ELF, $KNC, & $ZRX are among those recently hitting one-year highs. https://t.co/JRk8mdEaAx pic.twitter.com/2J2wTDy2Ox
— Santiment (@santimentfeed) October 26, 2020
What you should know
All seems to be going well for these crypto’s derivative Ethereum. At the time of writing this publication, Ethereum traded at $387.51 with a daily trading volume of $10,620,097,122.
- ETH price is up 0.2% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.
- There are good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier.
- The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown increased inactivity.
- The bad news is that social sentiment is bordering on the euphoric territory, and daily active deposits have jumped in a big way.
Why Nigeria is Africa’s biggest Crypto market
Cryptos are fast becoming more popular for payment transactions around the world and Nigeria has emerged Africa’s biggest market.
Nigerians are fasting adopting the world’s most popular crypto – Bitcoin, as their mainstream for payments and wealth preservation. Thus, setting the pace for other African countries – as it leads the whole African continent combined in the use of Bitcoin via transactions turnover.
Then, it becomes unsurprising to see leading crypto brands like Binance, Paxful, FTX, Crypto.com, printing their labels in Nigeria, as it is apparently one of the fastest-growing crypto markets in the ever-changing world.
According to a new study seen by Nairametrics, Nigeria has seen the largest influx of activity in peer to peer lending in the month of October.
What you should know
Data obtained from usefultulips, a BTC analytic data provider showed Nigeria leads Africa’s peer to peer lending in the month of October 2020, as it posted a monthly P2P volumes of between $32.5 million, followed by South Africa and Kenya posting about $9million and $7.4 million respectively.
What they are saying
Ekene Ojieh, Head Of Public Relations, Buffalo Chase, a fast-growing crypto analytic firm, attributed the upward trend in the adoption of cryptos – most especially Bitcoin, to Nigeria’s demographic structure.
“Nigeria ranks 8th position in the largest country with crypto adoption. The reasons for this fact are not far-fetched.
“The Nigerian youth has about 32% of the entire population of about 200 million people.
“It’s easy for a young country like Nigeria to adopt the use of bitcoin because a large percentage of its population falls within the age range that is tech-savvy. Although, that’s not the only reason why many Nigerian youths adopt bitcoin.
“Nigerian youths prefer to secure their assets in bitcoin or stablecoins because naira like every other fiat currency is susceptible to inflation.
“The borderless feature of bitcoin makes payment effortless and transaction fee outrageously low.
“In the recent protest in Nigeria, we saw the sharp switch to bitcoin after the movement’s bank account was frozen making up to about 44% of the entire donation.
“Bitcoin gained an impressive 13.7% over week 43 – as per Glassnode. Bitcoin is currently traded at a $13,000 region. With the accessibility of bitcoin, we see more Nigerian youths adopting the use of bitcoin.”
It’s also critical to note that a significant number of Nigerian youths, amid #EndSARS protest that had triggered police reforms, got help from Bitcoin, on the principle that its payments were secured and had no central authority, which could breach payment. The funds were consequently used in aiding and providing medical and legal bills for some youths who had peacefully set out for such cause and got arrested in that period.
Another thing that surely stood out in the just concluded #EndSARS protest and got the rare limelight in the crypto-verse, is a Nigerian female rights group better known as the Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, used the power of crypto technology in disbursing funds for injured protesters, food, water, first aid supplies – that the co-founder of Twitter, Jack Dorsey had to lend his support.
Dorsey tweeted, “Donate via Bitcoin to help #EndSARS,” while also retweeting a tweet by the Feminist Coalition informing Nigerians of how to support the fast-changing female right group.
— jack (@jack) October 14, 2020
Nigerian millennials are fast adapting to the most ever-changing financial asset in the modern era and leading brands are also taking advantage of such prevailing macro.
Most profitable asset in a decade, Bitcoin up over 26,600,000%
Bitcoin, from $0.06 in September 2010 exploded to its current price of around $13,000, representing a surge of over 26,600,000%.
The odds are now playing strongly in favor of the world’s most popular crypto – Bitcoin.
Data retrieved from a well-known crypto custodian firm Blockchain showed how Bitcoin from $0.06 in September 2010 exploded to its current price of around $13,000 – representing a surge of over 26,600,000% in a span of 10 years.
Meanwhile, the same couldn’t be said about its closest performing rivals, which included the Yellow metal and the S&P 500, which climbed 103% and 233% respectively over the same stretch.
Why this matters
The flagship crypto seems to run hot on many prevailing macros, not forgetting that the general economic law states that when demand is high and supply is limited, prices of such products will usually go up.
- Bitcoin has established a robust support level at $13,000,
- It should also be noted in the past few years, that Bitcoin holders are refusing to sell and instead use it for wealth preservation.
- Also, another strong sign giving crypto traders bullish bias include Bitcoin’s Active Supply 3y-5y (1d MA) just reaching a 23-month high of 1,840,755.050 BTC, as seen from Glassnode – a popular analytic firm
A previous 23-month high of 1,840,745.362 BTC was observed earlier today.
What this means
Nairametrics earlier broke the news on how the world’s flagship crypto continues to gain traction at the speed of light. The renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.
“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level,” the report said.