Number of Bitcoin whales hits new ATH as BTC maintains $13K

Tuesday 27 October 2020, 3:48 PM AEST - 1 month ago

Number of Bitcoin whales hits new ATH as BTC maintains $13KNumber of Bitcoin whales hits new ATH as BTC maintains $13K 17

  • The number of Bitcoin whales has reached a new all-time high.
  • Most of the current supply hasnt been moved for a year.

In recent weeks, Bitcoin (BTC) price has been on the rising side, causing many people to believe that the cryptocurrency is set for the long-predicted bullish rally. Amidst the current upticks in Bitcoin price, the number of Bitcoin whales is also growing and has reached a whole new level, which hasnt been recorded before. The number is expected to increase, as Bitcoin shows off strength continuously.

Bitcoin whales are increasing

As the price of Bitcoin began picking up last week, Bitcoin whale addresses with at least 1,000 BTC increased to a total number of 2,178. However, according to the on-chain data analytics platform Glassnode, that number jumped to 2,231 as of October 25. The information entails that 53 new Bitcoin whales were birthed within the space of six days. Following the current price of the cryptocurrency at $13,088, the new stacks up over $693,664,000 or 53,000 BTC combined.

Overall, the entire Bitcoin whales possess 2,231,000 BTC or over $29 billion. This accounts for roughly 12 percent of the Bitcoins current circulating supply. Noteworthily, it may be inaccurate to suggest that the number of persons behind these giant addresses also sums to 2,231. This is because an individual can possibly own more than one whale address. Also, a group of persons might also have one single whale address.

Whales are turning strong hands

It may be agreeable to note that the activities and increase of Bitcoin whales are somewhat influenced by the bullish moment of the cryptocurrency. As Bitcoin began recouping from the losses in March to $9,000, bigger whales were seen returning to the market, as the addresses with at least 10,000 BTC surged to 111.

Despite the increa ...

Read full story on Cryptopolitan

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.