Photo: Crypto360 / Flickr
The last time when we saw Bitcoin’s price like this were in August 2018, and that was, at the time, a disappointment, because after December 2017- it seemed that it’s all going downwards.
Latest research from Diar shows that the landscape of Bitcoin supply holdings has shifted ever since the most recent bottom was met this past Christmas. The number of addresses holding between 1000 and 10K Bitcoins each has seen a steep rise with a whopping accumulation of 450,000 Bitcoins in less than 9-months.
Over 26% of circulating supply, $36B worth of Bitcoin, now sit in addresses that have a balance of 1000-10k BTC. In August 2018 when Bitcoin was also at $8000, these ‘Firm Size’ addresses held under 20% of the circulating supply showing a sharp accumulation of nearly 7% in less than a year.
On May 28th the cryptocurrency market had a collective market cap of $270.8 billion and Bitcoin was enjoying a 56.9% dominance in the market. After a crazy surge, BTC broke the $150 billion market cap, securing its price position above $8,587, at press time.
BTC recorded a massive trading volume of $23.93 billion over the last 24 hours. Many prominent analysts in the field have, however, predicted a pullback following the bullish movements.
However, with BTC price coming really close to $9,000, whales have been more pro-active in transacting the cryptocurrency. In three separate transactions listed by Whale Alert, Bitcoin whales have moved significant volumes whose wallet origins are unknown.
Two alerts notified by the cryptocurrency transaction tracking site were related. The first alert reported the movement of 3,828 BTCs on May 28th in two sets:
[500 BTC and 3,327.97471732 BTC] from multiple unknown wallets to 36guys2Pe1z4vtaVA6B85SYEi7ZxtcTQs3, who later sent 3,328 BTC to wallet address 3BqnQ9Vps9bCjAT5aDsR4eadSUng3QsFHn.
Exactly two minutes later, another alert was sent out by Whale Alert, which reported the movement of 4,328 BTCs from multiple unknown network addresses.
🚨 🚨 🚨 4,328 #BTC (37,961,371 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) May 28, 2019
Crypto Bear Market Warning
Last month digital assets fund Adamant Capital explained the cryptocurrency bear market was winding down and was in its final stage, the accumulation phase.
This accumulation phase was expected to bring bitcoin (BTC) to trade in the corridor between $3,000 and $6,500 until the new bull market gains ground but it is now done.
The analysis reportedly showed that most retail traders have left the current market, while agnostic traders and long-term investors have become dominant. That reportedly fits BTC volatility lows analysis, wherein recent Bitcoin 60-day volatility slumped below 5% — a level not seen since late 2016.
The report further explained:
“During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.”
Chief market strategist at ThinkMarkets, Naeem Aslam, said he believes Bitcoin is likely to burst past $10,000 this week or next.
His analysis is based on the fact that BTC is above its 50, 100 and 200-day moving averages. He said:
“If you are not ready then get ready, because the bitcoin price is about to blast past the level of $10K, recovering half of its losses from its all-time high, a real embarrassing moment for those who said that the currency will never recover from its losses. […] This is what Bitcoin is all about. Never doubt the resilience of the currency and the support it has among the community.”
