Bitcoin price nears $45k mark after major whale activity

08 Feb 2024

The price of Bitcoin has risen above the $44,500 mark, fuelling a strong resurgence in the crypto market.

This latest price surge for the world’s largest crypto follows on from significant activity by Bitcoin whales, who have made a considerable impact on the market dynamics.

So-called Bitcoin whales typically hold between 1,000 and 5,000 Bitcoin and are considered the ‘big’ players in the crypto world.

According to data from SpotOnChain, two new whales withdrew a combined total of 2,320.2 Bitcoin, with an approximate value of $100 million, from the Binance exchange with the price at $43,107. This occurred a short time before the market experienced a price surge, Crypto News reports.

The move resulted in a forecast profit of $3.49 million, signalling a 3.49% gain.

At the time of writing, the price of Bitcoin stood at $44,704.

Elsewhere, Solana (SOL) made a strong rebound following a temporary network outage earlier in the week. The cryptocurrency has gained 6.56% over the past 24 hours, to trade at $101 with a market cap of $44.3 billion.

In addition, SOL’s daily trading volume rose more than 17% to hit $1.95 billion.

Despite the concerns following the network outage, SOL traders drove the altcoin’s price over $102, outperforming Bitcoin for the week, The News Crypto reports.

Over the past few months, Solana has registered substantial growth, attracting $13.4 million in inflows into SOL investment products, overtaking Ethereum and Avalanche. Indeed, there was a $707.8 million influx into crypto products last week, bringing the global assets under management to $53 billion.

Should the present upward trajectory continue, SOL may find resistance at $121.14, which may spark a rally towards $155.36 and even perhaps $187.76.

Furthermore, the total market cap of the global cryptocurrency market is up 3.42% to $1.7 trillion at the time of writing.

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