Bitcoin, after its recent moves, is overtaking the rise in Ethereum… details here
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Answer Bitcoin, after its recent moves, is overtaking the rise in Ethereum… details here
A crypto-focused Twitter account called “BitcoinBTC_Archive” noted that over the past three weeks of the first month of 2023, the leading cryptocurrency, Bitcoin, is up 39%.
Bitcoin is growing at a fast pace so far in general.
The bitcoin price rally started from early January and has continued till now.
Bitcoin price rose from just below $17,000 ($16,909) to the level we can see now on the chart at $23,117.Read:Stellar founder: 90% of projects are fake, and this coin in particular is considered trash
Over the weekend, BTC tried to breach the $23,000 level, and succeeded but could not hold at $23,360 for long.
The $23,000 price level has been recovered for the first time since August last year.
Between Friday and Saturday, the price of BTC jumped about 9% and grew by $2,000 in just 24 hours.
Bitcoin’s growth appears to be driven by several factors, with the main one being the active buying of bitcoin by large wallet holders over the past two weeks.
Each of these large wallets holds between 1,000 and 10,000 bitcoins.
During the aforementioned 14 days, whales purchased a total of 64,638 bitcoins worth about $1.46 billion.
In contrast to Bitcoin, the second largest cryptocurrency Ethereum showed a growth of almost 26%.
The crypto market has seen $37 million in cash inflows, according to data shared by asset management firm CoinShares.
Last week, there were $37 million inflows into the crypto market.
68% of these were short Bitcoin products.Read:After the launch… the trading volumes of the Bakkt platform decreased to alarming levels
The largest weekly inflows were in bitcoin of $5.7 million with $9.2 million in the month so far.
Ethereum has seen $4.2 million in weekly inflows and $6.8 million overall this month.
In Germany and Switzerland, inflows into cryptocurrencies accounted for $14 million and $10 million, respectively.
By contrast, Hong Kong experienced outflows of investment products in bitcoin and ethereum totaling $11 million.
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