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Bitcoin, the largest cryptocurrency by market capitalization, hit $37,987 in Wednesday’s trading session, approaching a weekly high. So far this year it is up almost 125%.
Bitcoin (BTC) and numerous altcoins have returned to levels last seen a week ago, virtually recouping all losses from a $300 million liquidation event earlier in the week.
Bitcoin neared $38,000, a level last reached in May 2022 as part of an extended advance fueled by hopes of renewed demand for the leading cryptocurrency from exchange-traded funds.
At the time of writing, the market is seeing some profit-taking, with Bitcoin and other altcoins recouping their gains from the previous day.
At the time of writing, BTC was up 2.33% in the last 24 hours to $36,942.
Here’s what happened recently
A recent analysis from on-chain analytics provider CryptoQuant provides an overview of what has happened to the Bitcoin price.
In a brief report, CryptoQuant observed some interesting patterns among Bitcoin holders as BTC prices surged in recent weeks.
The analysis examined the behavioral patterns of long- and short-term Bitcoin holders.
A pattern has been identified: long-term holders are holding on while short-term holders are selling out.
What’s more interesting is that the Bitcoins sold by short-term holders appear to have been purchased by long-term holders. This is more of a trade-off between the two groups, with long-term investors benefiting from short-term ups and downs.
Long-term holders appear to be taking advantage of BTC’s recent price fluctuations to acquire more Bitcoin. The MVRV indicator, which remains below two, suggests that long-term investors are in no hurry to withdraw money.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
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