Bitcoin, the leading cryptocurrency by market capitalization, is aiming for a six-figure holiday gift to enthusiasts spurred by sinking buying from whales.
After a scare last week, the leading fortune claimed $99,000 back on Christmas Eve. For comparison, Bitcoin fell to $92,000 last week. Recording It’s the worst week since Donald Trump’s re-election.
Meanwhile, Bitcoin has recovered significantly and sparked a broader uptrend in the market. The pioneering cryptocurrency neared $100,000 yesterday, raising optimism that it would reclaim the six-figure price mark on Christmas Day.
Dip buying by whales leads to recovery
Data from the market intelligence platform Santiment shows that whales accumulating in decline were harbingers of the recent recovery. The tweet announced the number in each category of Bitcoin holders and how rising acquisitions among whales fueled the rally.
Santiment’s data shows the following:
- 50.17 million wallet addresses contain between 0 and 0.1 Bitcoins.
- 4.31 million addresses hold 0.1 to 10 Bitcoins.
- 150,130 wallets contain between 10 BTC and 1,000 BTC.
- 2,050 addresses contain 1,000 Bitcoins or more.
Meanwhile, Santiment attributed the recent rally to the growing accumulation of wallets holding 10 to 1,000 Bitcoins. The intelligence platform noted that this category of whale addresses has increasingly purchased Bitcoin, triggering a price surge to nearly $100,000.
Whale accumulation to maintain price uptrend
In particular, Santiment hinted that the price increase could continue next year if the number of whales in two categories continues to increase. Although acknowledging that the whales who own at least 10 BTC have massively accumulated Bitcoin…
