Bitcoin price has come real close to breaking above $23,000 for the 1st time since August 2021
For the first time since August 2021, Bitcoin price is very close to breaching the $23,000 price threshold. The price of Bitcoin has increased by almost 9% in the last day, or around $2,000 overnight.
BTC/USD 1H chart | Source: TradingView
Santiment claims that one of the primary causes of such a significant price increase is the recent activity of a sizable herd of high-tier whales. The company’s analysts estimate that these wallets can hold 1,000–10,000 bitcoins. They have jointly purchased BTC worth $1.46 billion over the last two weeks. That is 64,638 coins, to be exact.
Between February and December last year, these whales were busy selling their Bitcoins. In the previous 15 days, they have restarted their aggressive buying.
🐳 #Bitcoin has now surpassed $22.7k for the first time since August 18, 2022. The price rise has come as the large whale tier group of addresses holding 1,000 to 10,000 $BTC has collectively accumulated 64,638 ($1.46 billion) $BTC in the past 15 days. 👍 https://t.co/H6jCsZDgUR pic.twitter.com/RaN2I48ybg
— Santiment (@santimentfeed) January 20, 2023
Despite being well behind prior years’ all-time highs of almost $69,000, the price increase was similar to last weekend’s growth. Since the beginning of the year, the biggest cryptocurrency has increased as a little more upbeat macro picture has developed.
The rest of the cryptocurrency market’s current positive performance can be attributed to Bitcoin’s rapid development.
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