Bitcoin and Ether Up as BTC Whales Busy Acquiring New Supply From Sellers

Bitcoin 2

Most cryptocurrencies traded in the green zone early Sunday. Bitcoin price rose 0.62% to $42,679.03 in the past 24 hours, while Ethereum price rose 1.26% to $3,254.76.

According to Coindesk data, Ether, the second most traded cryptocurrency, traded at $3,254, up 1.21%.

During the previous day’s session, Bitcoin was trading at the long-term support level as crypto markets continued to decline.

BTC/USD spent most of Saturday trading near the $42,000 support level, after an earlier low of $42,183.25.

Bitcoin, the world’s most valuable cryptocurrency, is currently worth $811,832,005,365. The total volume of bitcoin traded on WazirX in the past 24 hours is $15,699,206,138.

The market cap of Ethereum is currently $391,371,137,484 and the 24-hour trading volume on WazirX is $9,677,852,941.

Bitcoin Volatility Rises

Bitcoin’s decline on Saturday comes on the heels of Friday’s intraday high of $43,903.02, but as volatility increased, traders liquidated some positions, pushing prices down.

With Saturday’s decline, ETH is now down more than 9% in the past seven days and remains close to its long-term dip.

Bitcoin’s price is down about 12% from its March 28 high of $48,238.

Related article | Ripple welcomes over 4,000 artists to its new NFT platform

BTC is currently struggling between the $42,076 support level and the $40,490 to $42,316 demand zone. The price has fallen by 7% in the past seven days, while the price of Ethereum has corrected to around 5.45%.

Additionally, alternative cryptocurrencies (altcoins) have risen and fallen in popularity as investor sentiment fluctuates between optimism and pessimism.

BTC total market cap at $825.56 billion on the weekend chart | Source: TradingView.com

Bitcoin 2022 Miami a success

The Bitcoin 2022 conference in Miami has concluded, with more than 25,000 in attendance celebrating the world’s most popular cryptocurrency and other assets.

The annual event brought together some of the industry’s most prominent figures, including Michael Novogratz, CEO of Galaxy Investment Partners and co-founder of Paypal, Peter Thiel, to discuss the state of bitcoin.

The crypto economy has expanded in the months since the COVID-19 pandemic has devastated the majority of the world’s economies, with more crypto ventures appearing and thriving.

Bitcoin has more than quadrupled in value since before the outbreak, despite falling nearly 40% since its November record high.

Busy week for BTC whales

Meanwhile, according to the latest data, Bitcoin whales are buying new supply from sellers, with the Bitfinex exchange seeing some significant bid volumes filled.

Several cryptocurrency news outlets have previously reported on the relevance of Bitfinex whales and their recent buying and selling activities.

Another high volume anonymous wallet has also continued to acquire millions of dollars worth of Bitcoin at regular intervals, independent of price movements – a practice known as dollar cost averaging.

Related article | Apple co-founder Steve Wozniak ‘feels’ Bitcoin will be worth $100,000

Featured image of Marca, chart from TradingView.com

Bitcoinist @ Bitcoin 2022 Miami

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