Bitcoin Whales Are Increasing Their Holdings, Warns Blockchain Analytics Firm
A prominent blockchain analytics company reports that whales are growing their stash of Bitcoin (BTC) as the leading digital asset navigates a period of inactivity this week following its vigorous price surge earlier this month.
According to IntoTheBlock, the volume of Bitcoin held by addresses holding over 1,000 BTC set a fresh annual high in the current week, reaching 7.67 million BTC, valued at nearly $280 billion.
Bitcoin is currently trading at $36,474. The leading crypto asset by market cap is down over 2% in the past week but remains up by more than 29% in the past 30 days.
In addition to the accumulation of BTC by whales, IntoTheBlock also reports that Bitcoin’s new adoption rate peaked at 67.62% in the current week.
According to the firm’s explanation, “This metric shows the percentage of active addresses that are newly created and in this case, indicates a surge in new market participants.”
IntoTheBlock further highlights that Bitcoin “continues to assert its dominance” by leading all layer-1 blockchains with 960,000 daily active addresses. However, Litecoin (LTC), a peer-to-peer payments network, is also displaying a high level of activity with 797,000 daily active addresses, indicating a strong and engaged user base.
As of now, Ethereum (ETH) is trading at $1,950, while Litecoin is valued at $69.71.
Hot Take: The Future of Bitcoin and Altcoin Valuations
It’s clear that the recent movements and activities in the cryptocurrency market indicate strong and continued interest from institutional players and active retail participants, with Bitcoin maintaining its position as the top asset of choice for whales. As new market participants continue to enter the space, the future looks promising, not just for Bitcoin but for altcoins like Ethereum and Litecoin that are displaying signs of robust network usage and engaged user bases.
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