Bitcoin Whales Continue Storing Cryptocurrencies Before The Bull Run
Whales Continue Storing Cryptocurrencies Before The Bull Run
There are different investors that are starting to store virtual currencies and get prepared for the next bull run in the market. Cryptocurrency prices have been fluctuating during the last few weeks and whales – the name given to large traders – moved around 20,000 Bitcoin (BTC). According to news.Bitcoin.com, there are some Bitcoin Cash (BCH) investors that have already accumulated 1.1 million BCH in over a month.
Whales Get Ready For The Next Bull Run
Bitcoin and other digital assets have been in a bear trend since the beginning of 2018. This is something that has affected the sentiment in the space. Now, after two positive months for virtual currencies, investors are starting to store digital currencies and wait for the next bull run in the market.
The top Bitcoin holders gathered over 150,000 BTC since December 2018. The same are doing Bitcoin Cash holders. In the last month, Bitcoin and Bitcoin Cash increased in price and are already more expensive for individuals to purchase them now.
According to blockchain researchers, a period of accumulation is starting to take place in the market. 42,616 BTC have left cryptocurrency exchanges in over 24 hours as well. This is equal to around $215 million at the time of writing. Some of these platforms include Poloniex, Bittrex, Bitfinex, Huobi Global, OKEx, and Coinbase, among others. The largest moved took place when the price of Bitcoin dropped down to $4,900 for a short period of time on April 12.
It is worth mentioning that there is a large accumulation phase taking place in the market. The Unspent transaction output (UTXO) has been growing over the last months in Bitcoin and Bitcoin Cash.
At the time of writing, Bitcoin is being traded above $5,100 and it has a market capitalization of $90 billion. Meanwhile, Bitcoin Cash (BCH) is currently the fourth largest digital asset and it can now be purchased for $279. It also has a market cap of almost $5 billion.