As a cryptocurrency analyst, I would recommend keeping a close watch on the following digital assets this week: Bitcoin (BTC), Ethereum (ETH), and Pepe (PEPE).
Bitcoin whales taking profits
As an analyst, I’ve observed a decline in whale involvement in Bitcoin transactions since March 14. Nevertheless, an increase in such large-scale transactions might lead to a price rise for Bitcoin.
Significantly, cryptocurrency analyst Lookonchain drew attention to the transfer of 1,200 Bitcoins, equivalent to around $77.67 million, from a large investor (referred to as a whale) to the Kraken digital asset exchange.
I analyzed the transaction data and found that approximately an hour ago, a significant investor, referred to as a whale in cryptocurrency circles, transferred 1,200 Bitcoin (valued at around $77.67 million) into Kraken’s digital wallet. Previously, between March 1st and April 15th, this same investor acquired a substantial amount of Bitcoin, totaling 24,755 units ($1.68 billion), with an average purchase price of $68,051 per coin. The wallet address associated with these transactions is bc1qcpflj68s3ahy4xajez4d8v3vk28pvf7qte2jmlftvxzfke2u6mqsge3gvh.
— Lookonchain (@lookonchain) April 26, 2024
Based on the analysis, a single whale amassed approximately 24,755 Bitcoins worth around $1.68 billion between March 1 and April 15. The average cost for each Bitcoin purchased was about $68,051.
According to data from CryptoQuant, the inflow of Bitcoin from large-scale investors or “whales” into cryptocurrency exchanges has surged to a five-month high. This trend suggests that these whales may be cashing out their profits, a move that some analysts believe could trigger a substantial price drop in the Bitcoin market within the next week.
As a researcher studying Bitcoin’s market trends, I’ve noticed an intriguing increase in the inflow of large transactions, or whale transfers, into cryptocurrency exchanges. This surge could be indicative of profitable selling by these prominent investors during the ongoing 2024 Bitcoin bull run. Check out my full analysis for more insights. [Link]
— CryptoQuant.com (@cryptoquant_com) April 26, 2024
As a researcher studying the cryptocurrency market, I’ve discovered that significant transactions can have a profound impact on the market as a whole. Specifically, Bitcoin, with its over 50% dominance in the broader crypto market, gives greater weight to the actions of its larger holders, or “whales.” These whales possess the ability to sway the Bitcoin price and, by extension, the crypto market as a whole due to Bitcoin’s outsized influence.
As a crypto investor, I’ve noticed that Bitcoin’s price rebound efforts have lost some momentum recently. Despite this setback, the cryptocurrency managed to add 1% to its value within the last 24 hours, reaching a trading price of $63,520. Prior to this, we had experienced several days of declines.
Ethereum stays green
The value of alternative cryptocurrencies is decreasing, leading to a drop of approximately $150 billion in the overall crypto market capitalization during the weekend.
In simpler terms, Ethereum has been hovering near its underlying support line in a symmetrical triangle configuration on the chart. Lately, this cryptocurrency’s trading activity appears to be generating optimistic feelings among investors.
As an analyst, I’ve observed that even though ETH‘s price has dropped by nearly a third from its peak annual price of $4,094, it still boasts a positive yearly growth rate exceeding 75%. Furthermore, it was the only high-cap cryptocurrency to display gains over the past weekend.
I’ve observed a positive trend in the coin’s performance lately. It has surged by 5.5% since yesterday, marking a new high for the past week. Notably, analysts like Satoshi Flipper at X have signaled potential bullish momentum based on Ethereum’s underlying technical indicators.
PEPE closes off week in style
Another token that could be worth a closer look in the new week is Pepe. The third-largest meme coin by market cap has had a relatively strong performance since its launch in 2023 and is currently priced at $0.000007459. This is a 7.1% uptick in 24 hours and a nearly 28% increase this week, making it among the top gainers in the last 7 days. However, the current price is still a 4.8% decrease over the previous month.
Having a market value of around $3.1 billion and recording over $648 million in trades within the last 24 hours, Pepe’s robust market position makes it a noteworthy cryptocurrency to keep an eye on. Despite undergoing pullbacks, this meme coin has demonstrated tenacity and may potentially carry on its price surge in the upcoming weeks. Such persistence can be attributed to its substantial trading volume and heightened market attention.
This week, it’s essential to keep an eye on the markets of Bitcoin, Ethereum, and Pepe as they experience volatility and potentially significant price shifts due to the influence of large investors (whales) and broader market sentiment.
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2024-04-28 20:54