Bitcoin Holds Above $26.3K On Retail Buying
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) have managed to reclaim key levels, led by Bitcoin (BTC), Ethereum (ETH), and others, on improved retail participation.
It seems the recent drop in prices of cryptos and the anticipated rate hike pause by the Federal Reserve shored up investor sentiment towards risky assets.
BTC, the largest cryptocurrency by market capitalization, although recently nudged lower by 0.31% at $26,366, but was way above the psychologically important level seen post Fed decision. Ether changed hands near $1,723 level, suggesting a fall of 0.13%.
Though the Monday’s got off on a weak note, the VDAs have scripted a huge recovery in the last four days. Early this week, BTC prices crashed to as low as $24,820 before recovering to spot rates, adding 8% in four days.
Analysts are perplexed by such moves. They are raising questions about the motives behind such massive movements of BTC given that the price stands at the pivotal level.
Meanwhile, with active Bitcoin retail buyers ramping up, “whales” have also been on the move. Crypto whales are addresses holding large amount of coins. A Twitter user also noted that a user with 50 BTC worth around $1.2 million recently moved his coins after being dormant since 2010. The batch of coins was originally mined in June 2010 and had remained untouched since then before being moved. Following the trend, another previously dormant Bitcoin wallet, that has been dormant for a decade, transferred $7.8 million worth of BTC to a new wallet. It is known that the trading activities resulting from the transfers can impact the coin’s supply and demand dynamics of Bitcoin, potentially exerting short-term influence on prices.
The global crypto market cap eased 0.46%, over the last 24-hours, to $1.06 tn. simultaneously, the
Total crypto market volume dropped 13.41% to $20.61 bn. The total volume in DeFi is currently $1.39 bn, while that of stablecoins at $19.01 bn accounts for 6.73% and 92.25% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.08%, a decrease of 0.06% over the day.
IC15 index, the barometer of top fifteen tokens, quotes marginally lower 0.11% to 36,866.
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