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Whales add $1 billion more to their holdings

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On-chain data shows that Ethereum whales have added an additional $1 billion to their holdings recently, which could be bullish for the price of the cryptocurrency.

Ethereum whales now have 947,940 more ETH in their wallets

According to the data received from the analytics company EmotionThe jump in the Whales’ holdings is the fifth-largest jump of the year so far.

A relevant indicator here is the Supply Distribution, which tells us what percentage of the total supply of Ethereum each wallet group now owns.

Wallets are divided into these groups based on the number of coins they currently hold. For example, the range of 1-10 coins includes all wallets that currently hold amounts in this range.

The Supply Distribution metric for this pool then measures the percentage of the total supply that is made up of the total coins in these specific wallets.

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Now, here is a chart showing the trend in this Ethereum index for the 10k-1m coin group over the past 12 months:

Ethereum whales

Looks like the value of the metric has sharply gone up in recent days | Source: Santiment

The significance of the 10k-1m coin pool is that it represents the wallets owned by the large Ethereum corporation whales. In US dollars, this range corresponds to holdings worth between $10.9 million and $1 billion.

As you can see in the chart above, the value of supply distribution for this ETH wallet pool has been on the rise lately.

This latest rally represents an increase of 1.8%, which means that these whales have now added nearly a million ETH to their holdings. At the current exchange rate, that amount turns out to be more than $1.1 billion.

In the past year, there have only been four instances in which the Ethereum Index experienced a larger increase in a single day.

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Interestingly, over these past few events where whales have added similar amounts to their holdings, the ETH price chart against BTC has grown by an average of 3.2% in the days after the pattern was formed.

Related reading: The latest results show Bitcoin holders under fire as the price continues to plunge

If a similar trend followed this time as well, it would be the current trend Accumulation Whales may also have a bullish impact on the price of Ethereum in the coming days.

ETH price

At the time of writing this report, Ethereum price It floats around $1.1K, down 4% in the past week. Over the past month, the cryptocurrency has lost 13% of its value.

Below is a chart showing the trend in the currency’s price over the past five days.

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Ethereum price chart

The value of the crypto seems to have plunged down during the last couple of days or so | Source: ETHUSD on TradingView
Featured image from Abigail Lynn on Unsplash.com, charts from TradingView.com, Santiment.net

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Cryptocurrency

Understanding Bitcoin Hash Rate Increase – Bitcoin Magazine

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This is an op-ed by Alex, a bitcoin miner with KapoMax.

It is important for individuals looking into bitcoin mining for the first time to understand the importance of adjusting the bitcoin difficulty as well as the impact this has on mining profitability. Many newcomers to bitcoin mining will consult an ASIC profitability on a mining calculator, and expect this profitability to remain relatively the same in the future. This is a misunderstanding as the profitability of any given machine tends to be downward over time. Difficulty increases must be understood before purchasing an ASIC.


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Bitcoin price targets extend to $19k as BTC jumps 4% from daily lows

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bitcoin (BTC) remained higher after buying $17,000 in liquidity on December 9 as traders targeted more upside.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin is trying to make a new monthly high

information from Cointelegraph Markets Pro And the TradingView BTC/USD shows cooling volatility once again after it reached $17,300 on Bitstamp.

husband was He started taking cash On Dec. 8, Wall Street opened this uptrend to see it challenge the one-month highs of Dec. 5.

For those who are already betting on continuing to go higher, the move came as no surprise, as the coast is still clear to add more gains.

Popular trader Credible Crypto summed it up: “The move to $18-19K BTC continues.”

Previous tweet from Dec 7 explained The rationale, with invalidation set at the $16,000 support.

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Part of the accompanying comments read:

“Maybe another push to 16.4-16.5k, then expect a back-up reversal and continuation of the 18-19k targets.”
Annotated BTC/USD chart. Source: Credible Crypto / Twitter

Meanwhile, fellow merchant Shades, eye Potential volatility continues, with BTC/USD marking the upper Bollinger band on the 4-hour timeframe.

At the time of writing, the four hour candles remain near the upper band, with both candles continuing to stretch in a classic lead to increase volatility.

BTC/USD 4-hour candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

“Expect bitcoin to continue as long as we stay above $17,000,” Michael Van de Poppe, founder and CEO of trading firm Eight, said. addedlikening the nocturnal movement to the breakout from the end of November.

Liquidations are fueling Bitcoin’s price hike

Further analysis of BTC’s price movements overnight highlighted increased liquidation of short positions.

Related: Bitcoin 2022 Bears ‘Habitual’ Despite Missing Major Trend Line – Analyst

In a sign of how far market participants assumed further declines would enter, shorts on BTC totaled $7 million in one hour on Dec. 8, according to data from Coinglass. Altcoin short liquidations added another $11 million to the tally.

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“Liquidations have been relatively small since the crash in early November, but short liquidations have helped support that latest move,” Analytics Source On-Chain College has been confirmed.

BTC liquidation scheme. Source: Coinglass

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.