BlocksInform
Bitcoin price erased ftx and alameda losses after racking up over 33 percent in the last three weeks.
Price has continued with his rally over the past weeks over the weekend to reach $23K. Although assets fell to $22,700 during the Asian trading session early on Monday, the market dominance of Bitcoin rose to 41.90 percent. As a result of the three-week pump, bitcoin's market capitalization exceeded $438,187,899,265 powered by the huge whale accumulation, according to the chain data.
According to market intelligence platform health, bitcoin addresses holding between $1,000 and $10,000 BTC have collectively accumulated approximately 64,638 BTC worth about $1.46 billion in the past two weeks. As more bitcoins leave the centralised exchanges, the volume of exchanges has been recorded down in recent days.
According to our latest crypto oracles price, Bitcoin 24 hours of trade volume amounts to $23,966,344,678 on Monday, down about 27 per cent.
Has now exceeded 22.7 thousand dollars for the first time since August 18, 2022. The rise in prices occurred because the large group of whale-level addresses between 1,000 and 10,000 collectively accumulated 64,638 ($1.46 billion) in the last 15 days? https://t.co/H6jCsZDgURpic.twitter.com/RaN2I48ybg
— Santiment (@santimentfeed) January 20, 2023
The current rise in Bitcoin prices has rejuvenated the altcoin market, with most traders prone to FOMO in highly volatile meme coins. Moreover, bitcoin can have more volatility on the rise before reaching the 200w ma around $25k. besides, The high weekly bar of the past 3 weeks indicates a greater likelihood of buy-in in the coming weeks before an impending correction.
Data from @santimentfeed shows that whales have accumulated around 70,000 over the past two weeks worth ~$1.4 billion. pic.twitter.com/Wyvk6ahVHs
— Ali (@ali_charts) January 21, 2023
Closer Look at Bitcoin Price and Market Outlook
Bitcoin price has obliterated FTX and Alameda losses after racking up over 33 percent in the last three weeks. However, the trauma caused by ftx and alameda continues to shake some key crypto societies, including gemini, and dcg genesis trade among others. In addition, Genesis Trading has applied for chapter 11 bankruptcy protection as a result of significant exposure to FTX and 3AC losses.
Bitcoin price has a long way to get his ath back, $69,044, put on November 10, 2021. In decline of about 67% compared to its ATH, market analysts forecast an accumulation of several weeks before recalling the summits.
Ethereum (), the second-largest digital asset, has also mobilized in recent weeks to trade in the $1,636.61 range on Monday. According to Coingecko, the dominance of Ethereum lies around 19 percent with a market capitalization of about 197288 103 370 dollars.
The overall crypto rally coincided with positive sentiment from the traditional equity market. The S&P 500 have all risen by over 1 percent in the last 24 hours. As such, crypto-related stocks like Coinbase Global Inc (NASDAQ: COIN) and Marathon Digital Holdings Inc (NASDAQ: MARA) closed last Friday up 11.6 percent and 9.95 percent respectively.
