• Bitcoin has experienced a surge, reaching the $31,250 level and marking a nearly 15% increase in its value.
• With a massive influx of trading volume, reaching $10 billion over the weekend, the question arises: Are whales buying into Bitcoin and fueling its upward momentum?
• An esteemed on-chain analyst provides insight into tracking whale activity in the cryptocurrency market.
Bitcoin Price Surge
Bitcoin has experienced a significant surge, reaching the $31,250 level and marking a nearly 15% increase in its value. This dramatic uptrend has caught the attention of investors and analysts alike, leading to speculation about continuing this bullish trend.
Trading Volume Floods In On The Weekend
With a massive influx of trading volume, reaching $10 billion over the weekend, the question arises: Are whales buying into Bitcoin and fueling its upward momentum?
Are Whales Buying Bitcoin?
An esteemed on-chain analyst, Ki Young Ju , CEO and founder of CryptoQuant, shares a valuable “pro tip” for tracking whale activity in the cryptocurrency market. According to Ki Young Ju, monitoring BTC whales on low-liquidity exchanges is more effective than popular platforms like Binance. By focusing on exchanges with limited liquidity depth, investors can identify significant whale-driven transactions and gain valuable insights into market movements.
Current State Of Bitcoin’s Price
The current price of Bitcoin is $30,714, with a trading volume of over $10 billion ($12.9 billion, to be precise) over the past 24 hours. In the CoinMarketCap ranking, Bitcoin holds the top position with a market capitalization of $596 billion. Currently, 19