The Whales have noticeably been making use of BTC’s price and accumulating it after the bearish scenario witnessed in May. This has been an encouraging indication for many who were interested to buy the dip but were hesitant to do so.
Now, BTC Whales have once again grabbed the attention of crypto enthusiasts. According to blockchain data, the popular Whales are coming back towards Bitcoin, which is positive for the flagship cryptocurrency. This can encourage many to invest in the top digital asset, currently trading at $34,379 (at the time of writing).
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Investment of Bitcoin Whales in the Largest Digital Asset
The BTC Whales have reportedly made large investments in the top crypto asset, especially ever since its price crashed in May.
The number of Bitcoin accumulated by Whales has now gone from 80,000 to 4.216 million BTC. This is the highest level since May and has remained unchanged since Friday. The massive investment made by the Whales has left crypto enthusiasts to expect a possible price surge in BTC.
Previously, the investment of BTC Whales played a major role in pushing the price of BTC from $10,000 to $60,000. This is why, the Bitcoin enthusiasts are hopeful once again.
Here is a graph by CoinGecko, tracing the price of Bitcoin at the beginning of 2021.
Despite the drastic drop in Bitcoin’s price, it is still expected to reach an all-time high. The increased number of Whales, which is now up to 1,922 is one of the reasons for the anticipation.
Bitcoin has been pushed higher up the ladder by large investors before, which is expected to be seen again. The BTC investment by Whales poses an optimistic scenario for potential investors and can further benefit BTC.
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Are you Looking to Invest in Bitcoin?
Those who have been in the crypto market for quite some time are familiar with the volatility associated with Bitcoin. The price of the flagship cryptocurrency has been seen to fluctuate more than many would have liked. However, it has retained its position and significance.
Despite the price uncertainty, Bitcoin has been embraced by many companies and influential individuals in the world. It has also been adopted as a legal tender in El Salvador and is likely to be soon recognized as such in other countries too.
The price of BTC might not be very stable at the moment, however, its utility and importance are undeniable.
If you are also interested in buying Bitcoin, you can use secure exchanges and safely invest today.
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