BitcoinBitcoinBitcoinwhales cashing out, BTC to hit correction ahead? - CryptoCrazeNews

BitcoinBitcoinBitcoinwhales cashing out, BTC to hit correction ahead?

Bitcoin whales cashing out, BTC to hit correction ahead?

Bitcoin whales cashing out, BTC to hit correction ahead?

The world’s biggest cryptocurrency, Bitcoin, with a market capitalization of $1.42 trillion, recently hit its all-time high. Following this, top cryptocurrencies gained momentum. Despite Bitcoin’s recent record, there is a chance that its price could plummet, as a prominent analyst and trader posted on X (formerly Twitter) that Bitcoin whales are now cashing out. Additionally, the Bitcoin whales’ address, holding more than 1,000 Bitcoins, dropped by nearly 5%.

Bitcoin price soars despite whales cashout

According to the post on X, the analyst shared data from on-chain analytics firm Glassnode, that Bitcoin holders with over 1,000 coins are selling more, leading to a 4.83% decrease in these addresses in the past two weeks. Despite this massive Bitcoin cashout, the price of Bitcoin continues to increase.

If whales continue to cash out Bitcoin, there is a chance that Bitcoin prices could plummet and undergo a consolidation phase. However, when examining the historical data of Bitcoin cashouts, it is observed that the prices never dropped or entered a consolidation phase during these whales’ cashouts.

The major reason behind this substantial Bitcoin cashout is that Bitcoin reached its all-time high, making a new ATH of $72,738. However, the majority of top altcoins are still awaiting upside momentum, with these altcoins down by over 50% from their ATH. There is a possibility that crypto whales are cashing out, intending to make significant moves into other altcoins.

Which altcoins skyrocket in March 2024?

If we look at some altcoins that massively soared in the last 7 days, Ethereum (ETH) surged more than 7%, Binance Coin (BNB) surged more than 26%, Solana (SOL) surged more than 15%, and Ripple (XRP) soared more than 7%. However, these mentioned altcoins are still down by 18%, 23%, 42%, and 82%, respectively, from their ATH. This could be a reason behind Bitcoin whales now placing their bets on these altcoins or others.

Currently, Bitcoin is trading near $72,000, and in the last 24 hours, it experienced a decent surge of 0.72%. Looking at the performance of Bitcoin over a more extended period, in the last 7 days, Bitcoin has gained over 8% of upside momentum. Meanwhile, in the last 30 days, Bitcoin experienced a price surge of over 50%.

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