Ethereum

Bitcoin

April

Gains

Bitcoin (BTC) has surged above $70,000, climbing more than 5% in the past 24 hours. This significant <a href="https://coingape.com/price/bitcoin/#:~:text=Bitcoin%20(BTC)%20Price%20Today&amp;text=Live%20Price%20of%20Bitcoin%20(BTC,trading%20between%20%2467101.3026282%20and%20%2466892.438789." rel="noopener noreferrer nofollow">Bitcoin price</a> increase has sparked interest and curiosity within the market, seeking to understand the underlying factors driving this upward momentum.
<h2 id="strong-new-whales-drive-bitcoin-accumulation-trend-strong">New Whales Drive Bitcoin Accumulation Trend</h2>
Since January, the realized capitalization for new whales has been on a steady rise. Realized capitalization, calculated based on the price at which each <a rel="noopener noreferrer nofollow" href="https://cryptoquant.com/community/dashboard/64cbea0d860fe158230702f1">BTC</a> was last bought or moved, shows how much money has been invested in Bitcoin. The increase in the realized cap for new whales indicates active accumulation by these large investors.
&nbsp;
In contrast, the realized cap for old whales has remained relatively stable. This stability suggests that long-term investors are holding onto their Bitcoin. This holding behavior by old whales underscores their confidence in Bitcoin’s future value.
&nbsp;
The gradual growth in the realized cap for addresses holding over 10,000 BTC reflects slow but steady accumulation by the largest <a href="https://coingape.com/markets/crypto-price-analysis-20-5-altcoins-see-higher-rally-as-btc-holds-strong-above-66000/" rel="noopener noreferrer nofollow">Bitcoin holders</a>. This trend indicates that even the biggest investors are gradually increasing their Bitcoin positions.
&nbsp;
This accumulation by the largest holders is a positive signal for the market. Major investors continue to be interested in and confident in Bitcoin.
<h2 id="strong-unrealized-btc-profits-show-significant-gains-strong">Unrealized BTC Profits Show Significant Gains</h2>
Unrealized profit and loss reflect the potential gains or losses if holders were to sell their BTC at the current market price. Since the beginning of the year, unrealized profit has been steadily increasing, peaking around mid-March. This increase indicates that large holders have seen significant potential gains.
&nbsp;
The profit levels for new whales have been more volatile than for old whales and large holders. While old whales and the largest holders show stable and substantial unrealized profits, new whales display more volatility but are still in profit. This volatility among new whales highlights the dynamic nature of new investors in the market.
&nbsp;
Bitcoin’s 51% year-to-date gain reflects investors’ anticipation of U.S. monetary expansion. In April 2024, the M2 monetary base surpassed $21.0 trillion. This increase in circulating money hints at rising inflationary pressures despite a period of spending hesitancy by companies and individuals.
&nbsp;
The United States <a href="https://coingape.com/gold-and-silver-hit-new-record-highs-will-btc-catch-up-soon/" rel="noopener noreferrer nofollow">Federal Reserve</a>’s strategies to manage inflation and avoid a recession could impact liquidity. Consequently, this could affect the attractiveness of scarce assets like Bitcoin. Investors are closely watching the Federal Reserve’s actions, as these could have significant implications for Bitcoin’s future value.
&nbsp;
Also Read: <a href="https://coingape.com/ethereum-is-top-trending-asset-amid-sec-eth-etf-buzz-and-341m-whale-buys/" rel="noopener noreferrer nofollow">Ethereum Is Top Trending Asset Amid SEC ETH ETF Buzz and $341M Whale Buys</a>
The post <a href="https://coingape.com/bitcoin-btc-price-breaks-70k-barrier-new-whales-and-market-trends-to-watch/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Breaks $70K Barrier: New Whales and Market Trends to Watch</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin (BTC) Price Breaks $70K Barrier: New Whales and Market Trends to Watch

Table of Contents

Coingape News Media

Other articles published on May 20, 2024

Top Crypto Whales' Picks for Immediate Gains

Ethereum (ETH) Price Breakout To Ignite An AltSeason Soon?

Is XRP in 'Crab Market'? Solana (SOL) Reaches Major Resistance Level Before $200, Ethereum (ETH) ...

CPI report spurs $932M inflows into crypto investment funds

Analysts Predict Bitcoin and S&P 500 Trends

Binance Backs BounceBit’s CeDeFi Launch

Join our free newsletter for daily crypto updates!