Crypto Industry Reaches New Heights With Unexpected Rise In Bitcoin And Ethereum, Is The Event Driven By Whales?
On Saturday (21), the prices of the two major cryptocurrencies rose in market share, Bitcoin and Ethereum, and Bitcoin reached just over 10% on the day, reaching the level of $22,982 and Ethereum reaching 7% equivalent to 1, $671. This comes as part of an unexpected general boom in the cryptocurrency industry this year.
Other cryptocurrencies also saw increases, with Solana recording the biggest gains among the top ten cryptocurrencies by market cap, up 18% to $25.16. Cardano, DOGE, XRP and BNB also saw significant increases, ranging between 5% and 9%. This resulted in 66,850 traders losing their money and the total liquidation value over the past 24 hours was $299.48 million. The total market capitalization of cryptocurrencies increased by 6% to $1.04 trillion.
Despite some concerns that cryptocurrency market conditions remain unstable and that some companies in this sector have incurred huge losses, cryptocurrency prices continue to rise. This week, Genesis Trading, part of the Digital Currency Group, filed for bankruptcy protection due to losses from the collapse of FTX and the Three Arrows hedge fund. In addition, the group has also faced allegations of fraud related to Gemini.
Earlier today, the cryptocurrency analysis platform Santiment attributed the price of bitcoin to an overnight rally The large influx of money from whales.
As tweeted by Santiment:
BTB surpassed $22,700 for the first time since August 18, 2022. The price increase came when the large group of whale level addresses comprising 1,000 to 10,000 BTC collectively raised 64,638 ($1.46 billion) BTC in the latest 15 days.
Pierre Rochard, Vice President of Research at Riot Platforms, noted that bitcoin’s value will likely continue to rise towards $25,000 as fundamentals continue to improve, especially on a relative basis.
As Roshard says:
Optimistic scenario: We have come out of disappointment, prepare for the next half year, Bitcoin is doing its own thing, regardless of the macro, because the volatile BTC exchange rate cannot be predicted, and the long-term stable accumulation is the path.
Author: Washington Letty
I graduated in Business Administration, I am passionate about technology and fascinated by the world of cryptocurrency, and I am venturing into the world of commerce, as a permanent student. Bitcoin: money of the future