Can Bitcoin whales push BTC to a new yearly high?
BTC reaches its annual peak, and we wonder if Bitcoin whales can boost it further. What are they doing right now? Find out.
Bitcoin whales are known within the cryptocurrency industry for the power they have to change the price of BTC should they choose to do so. However, the way they normally manifest themselves is more discreet than many would think. In this article, we will take a look at your most recent activity and see if Bitcoin whales can definitely boost BTC beyond its annual high.
Summary of whale activity
In the last 24 hours, 11 Bitcoin whale operations have been recorded, according to Whale Alert reports on Twitter. Of these transactions, four were accumulation, three between exchanges and the rest introduced BTC on different exchanges.
This translates to 19,930 BTC mobilized in this same period of time. Approximately 8,439 BTC went from exchanges to unknown wallets, 6,000 BTC moved between exchanges, and 5,491 BTC were introduced to exchanges from unknown wallets.
Thus, 42.35% of the Bitcoins mobilized by the Bitcoin whales in this time accumulated. But it clearly cannot be said that this will be the predominant trend any longer.
According to BitInfoCharts, the number of BTC addresses with more than 100 BTC is 13,819 addresses. This represents just 0.05% of the total existing Bitcoin addresses. Also, those with more than 1,000 BTC are just 2,074 addresses.
The latter is relevant considering that only 0.06% of existing Bitcoin addresses are considered whales. Until now in the month of August, this percentage of actors has not had a particular maneuver that tells us that they intend to make BTC grow above its annual level.
Analyzing the annual maximum of BTC and the activity of Bitcoin whales
Until now, that annual maximum was reached today, a few months after Bitcoin’s Halving and all the ups and downs generated in the world by the global pandemic. Specifically, as of this writing Bitcoin is at $ 11,858.53 according to CoinDesk, and represents a 1.70% increase in the last 24 hours.
In the Annual Bitcoin Price Chart, it is shown that the annual maximum was barely reached this August. Bitcoin whales could boost it further in the coming days if they continue to increase their accumulation trend. Source: CoinDesk
While it is true that Bitcoin whales appear to be piling up, it is not a trend that is indisputably prevalent. However, it is possible that if they continue to do so, they will help Bitcoin stay a little higher and get closer and closer to its all-time high.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.