Key Takeaways:
- Whales accumulation holds a promising sign for Bitcoin, says Santiment.
- Bitcoin ends its longest negative streak of 9 weekly red candles.
LAGOS (CoinChapter.com) — The recent decline of the entire cryptocurrency market doesn’t deter Bitcoin whale holders. New data shows an uptick in the amount of Bitcoin held by its wealthiest investors, suggesting accumulation even as BTC wobbles inside the $28,500-32,000 range.
On-chain data provider Santiment disclosed that the total Bitcoin whale holdings had reached a yearly high. The firm noted that Bitcoin held by “unique entities” with a balance of at least 1,000 BTC increased significantly in the year. It said:
“The mega whale addresses of Bitcoin, comprised partially of exchange addresses, own their highest supply of $BTC in a year. We often analyze the 100 to 10k $BTC addresses for alpha, but accumulation from this high tier can still be a promising sign.”
Glassnode also disclosed that the number of addresses holding at least 0.01 coins had reached an all-time high of 10,093,132, indicating retail demand.
The on-chain analytics firm suggests that investors still consider the token a worthy asset despite Bitcoin’s recent price drop. Also, the growing investment in the greatest assets indicates that the bearish period might end.
However, despite the positive indicators, the Bitcoin Fear and Greed Index dropped to 10, the “Extreme Fear” region. The index rates the available amount of fear or greed among Bitcoin investors.
Bitcoin, Crypto Market Rally
Interestingly, after fluctuating below and above $30,000 in the past weeks, Bitcoin today rallied by 5.7%.
As a result of the spike, the largest cryptocurrency ended nine straight weeks of negative trading. Although the weekend started on a similar negative note, Bitcoin initiated a leg up to end its longest negative streak.
Tradingview shows that BTC kept pumping and added another $1,000 in hours. The leading asset trades at $31,445, with around a $600 billion market capitalization.
The entire crypto market cap rallied by more than 5%, adding over $50 billion in a day. As a result, the real metric of the global cryptocurrency market is now above $1.3 trillion, with Bitcoin dominance at 44.4%.
Ethereum, Cardano, Solana Surge
Similarly, several altcoins in the crypto market were also well in the green, with Ethereum surging by almost 8%.
According to data from Coingecko, Ether, the second-largest cryptocurrency, was trading at $2,075. The token market cap also added around $20 billion in the last 24-hours. Ether currently has a 24-hour trading volume of $13.5 billion with a circulating supply of 120 Million ETH coins.
Solana (SOL) and Cardano (ADA) also registered double-digit gains on the day. Solana rallied by 12% to trade at $44. At the same time, ADA, on the other hand, skyrocketed by 14% to well above $0.64.
Binance Coin (BNB) was also charting a new two-week high, rallying by almost 5% on the day. BNB, at press time, was trading well above the $300 benchmark. Also, Avalanche, Ripple, Near Protocol, Tron, Dogecoin, and Shiba Inu, among other tokens in the crypto market, recorded impressive growth.
