Despite the cryptocurrency market crash which has ravaged the industry for more than a year now, data show continuing interest in Bitcoin and other cryptocurrencies. Latest transaction information shows that $396 million worth of Bitcoin was moved by whales in the last month.
According to the latest information from BitInfoCharts, the top 100 largest Bitcoin addresses including those of major cryptocurrency exchanges moved about 104,949 Bitcoin. These are the addresses that control the large percentage of Bitcoin in circulation.
It has been speculated that these “whales” could manipulate market trends and price of Bitcoin as well as other cryptocurrencies they hold. The cryptocurrency market saw a significant recovery allowing Bitcoin to go as high as $4,160 but the market crashed down to under $3,800 within 10 minutes yesterday 24 February 2019. Gains accumulated over a seven-day period lost under 10 minutes. Was it a coincidence or the whales are actually manipulating things?
According to the information, 10 of the 100 addresses had more Bitcoin at the end of the month, gaining 74,966 BTC in total while 7 ended the month with less, losing 29,983 BTC in total. The latter apparently sold their assets to arrive at their collective loss at the end of the month.
Bitcoin which was flying above $70 billion market cap has lost over $3 billion to stop at $67 billion currently and is trading at just over $3,800 according to Coin Market Cap. the loss was so rapid it raises some suspicion. Granted the entire $396 million moved by the whales is not enough to change the market so rapidly but could something else be happening to drive the gains and losses the market is experiencing?
Anyway, experts have predicted that Bitcoin will soar and whether now or later, it seems certain that the market will take shape as many institutions are now entering the market which is a potential boost. Bitcoin and indeed the other cryptocurrencies may be brewing for a revolutionary bull run and the cryptocurrency community, as well as investors, are looking forward to that time when Bitcoin will be worth $1million and XRP worth $10,000.