Powerful crypto entities are definitely busy at the world’s most popular crypto asset, Bitcoin right now, with the prevailing price seen at the world’s flagship crypto, Bitcoin, trading above $49,700.
According to Bitaps. a crypto analytic tracker, a large crypto entity moved $5.57 billion (111, 511 BTC ) for a fee of just $18. This is the biggest transfer seen on the blockchain by any entity to date.
At the time of drafting this report, Bitcoin traded at $49,771.40 with a daily trading volume of $76 billion. Bitcoin is up 2.69% for the day
The most popular and valuable crypto asset now has a market value of $927.3 billion.
This is a signal that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
Bitcoin accumulation has been on a constant upward trend for months.
- Bitcoin some hours ago had officially reached a new all-time high of $50,000.
- This follows a week of exciting news including the world’s most valuable car maker Tesla accepting Bitcoin for future payments, and MicroStrategy planning to raise another $600 million to buy the flagship crypto.
- Bitcoin held onto these gains, in the past week and has since rallied to a new all-time high of $50,00 after tagging an intra-day low of $43,909 a few days ago.
There is no doubt, 2021 continues to shape up as a very exciting year for Bitcoin, as in 2021 alone it has gained about 73%
The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin. Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.
What this means: Nairametrics anticipate the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto’s recent highs.
While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
Also, it’s key to note, Bitcoin’s liquidity is getting squashed, on the bias that global investors are hoarding, meaning accessible BTC is becoming scarcer. 1 million Bitcoins have become illiquid this year, i.e. are held by entities that spend < 25% of coins they receive.