Bitcoin price leads the recovery phase with a 4% increase, while whales move $ 319,000,000 mln in crypto

After a few days of severe price drops, the cryptocurrency market is in a state of recovery today with Bitcoin price rising from $ 10,300 to nearly $ 10,800, while Ethereum is trading above $ 340.

bitcoin-price-leads-the-recovery-phase-with-a-4-increase

Bitcoin price | Source: TradingView

Bitcoin price leads the recovery phase with a 4% increase

After bottoming out at $ 10,130 a few days ago, Bitcoin started a recovery yesterday and hovering around $ 10,400. Over the past 24 hours, Bitcoin continued to rise and, just a few hours ago, peaked at nearly $ 10,800 (on Binance). Even though BTC has fallen slightly and has dipped to $ 10,650, this is still a near 4% gain on a 24-hour scale.

Bitcoin’s upside movement is significantly more impressive than the stock markets. While BTC is up by about 4%, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average closed yesterday’s trading session with an increase of about 0.3%. However, BTC’s correlation with gold continues to be evident. The precious metal went from its daily bottom of $ 1,845 per ounce to an intraday high of $ 1,878 and has declined slightly to $ 1,870.

Over the past few days, most altcoins have plummeted, and their market cap plummeted from around $ 150 billion to $ 130 billion. However, in the past 24 hours, most of the Altcoins have bounced up, thus increasing the altcoin market cap to $ 139 billion.

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Source: Coin360

Ethereum bottomed out at $ 315 yesterday but has risen sharply since then, and ETH is trading at around $ 345. Ripple is up 3.5% and currently above $ 0.23. Bitcoin Cash (2%), Polkadot (5%), Binance Coin (5%), Crypto.com Coin (3.5%) and Litecoin (2%) are also green. However, Chainlink outperformed all top 10 coins with a 17% gain. LINK is reaching close to $ 10 and has already overtaken CRO for 8th place.

The extra gain is evident from lower cap altcoins. Avalanche leads with a 23% gain, Synthetix Network Token (19%), ABBC Coin (18%), and Helium (18%) finish the top 4. It is worth noting that HNT has made it into the top 100 after being listed on leading cryptocurrency exchange Binance.

Whales move $ 319,000,000 mln in Bitcoin, Ethereum and XRP

Some of the biggest crypto wallets in the world, owned by unknown entities called whales, are moving millions in BTC, ETH, and XRP as the markets recover. Traders on the exchange Binance, in particular, appear to be involved in numerous high-value Bitcoin transactions in the past day.

Wallets on the exchange sent two identical 3,500 BTC transactions – each worth almost $36 million – to two separate unknown wallets, according to the crypto tracker Whale Alert. A third transaction sent 3,405 BTC worth more than $35 million to another wallet of unknown origin.

Looking at Ethereum, Binance also received 32,371 ETH worth $10.5 million from an unknown wallet yesterday. Additionally, 197,436 ETH worth $63.0 million was transferred between two unidentified wallets

Meanwhile, Ripple appears to be involved in several large XRP transactions. Whale watchers are tracking two Ripple-related transactions in particular. One moved 50,886,987 XRP worth $11.4 million from an unknown wallet to a known Ripple wallet. Another sent 29,341,273 XRP worth $6.7 million from an unknown wallet to Ripple.

Bitcoin’s relevance as an investable asset grows because of its scarcity. Speculators look at the cryptocurrency as their backup plan against the US dollar’s long-term bearish outlook. A majority of them are retail traders/investors whose savings have gone down due to the unlimited supply of the greenback. The same trend is brewing after this year’s COVID pandemic. As the economic recovery slows down to dangerous levels, the Federal Reserve has committed to maintain ultralow lending rates and raise their inflation targets beyond their 2% benchmark.

The fundamentals ensure the US dollar will find it difficult to break above its purple resistance trendline in the months ahead. Meanwhile, flight to safety into Bitcoin could help it continue its long-term uptrend.

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