The crypto market has been sent skyrocketing once again as Bitcoin (BTC) reaches new heights not seen since August 2022. According to leading crypto analyst site Santiment, the world’s most popular digital currency has now soared past the $22,700 mark, marking the first time it has reached this level since August 18, 2022.
According to CoinMarketcap’s latest data, Bitcoin is currently trading at $22,976.12, indicating a strong bullish sentiment and a potential break past the $23,000 level. The daily and weekly charts are also showing impressive gains of 9.00% and 10.13%, respectively. Furthermore, trading volume for BTC has seen a significant increase of 75% in the past 24 hours, further demonstrating the market’s upward momentum.
But what is driving this impressive surge in Bitcoin’s price? Experts point to the actions of a powerful group of investors known as “whales,” who have been collectively accumulating a massive 64,638 BTC (worth over $1.46 billion) in the past 15 days. This influx of investment from the whale tier group of addresses holding 1,000 to 10,000 BTC has sent ripples through the crypto market, propelling Bitcoin to new heights.
This latest rally in the crypto market is sure to be welcomed by investors and traders, who have been eagerly watching Bitcoin’s progress in recent months. It remains to be seen just how high the digital currency can go, but one thing is for certain: the crypto market is showing no signs of slowing down.
As the world’s leading digital currency continues to make waves in the financial world, many experts are predicting that this is just the beginning of an even more significant rally. With Bitcoin reaching new highs and showing no signs of slowing down, it’s clear that the crypto market is a force to be reckoned with.
4.283M Bitcoin (BTC) Returns to Unrealized Profit
In a recent development, data analytics firm Glassnode has reported that a significant volume of Bitcoin has returned to an Unrealized Profit position since the market lows set during the FTX collapse.
According to Glassnode, a total of 4.283 million BTC, valued between $15.5k and $22.3k, have transacted and changed hands during this period. This provides a clear indication of the level of activity and movement in the market.
This news is particularly noteworthy as it suggests that the crypto market may be recovering from the recent turbulence caused by the FTX collapse. The return of such a large volume of Bitcoin to an Unrealized Profit position indicates that investors are once again becoming optimistic about the future of the market.
It’s worth noting that this is a positive sign for the crypto market, and it could be a sign of a bullish trend in the near future. However, it’s also important to keep in mind that the market is always subject to fluctuations, and investors should exercise caution and do their own research before making any decisions.
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