U.Today – the largest cryptocurrency by market capitalization, reached $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 hopes for 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.
h2 Here’s what happened recently/h2 A recent analysis from an on-chain analytics provider provides an overview of what 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 the 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.
This article was originally published on U.Today
Get the news you want
Read market-moving news with a personalized feed of the stocks that interest you.
Get the app
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.