Bitcoin Whale Addresses Hit 15-Month High – A Sign Of Growing Accumulation?

The story has not been much different for the price of Bitcoin this week, as the premier cryptocurrency has struggled to capitalize on its recent advancements. According to data from CoinGecko, BTC is down by more than 3% in the past week, putting doubts over the continuation of the bull run.???? 100K-10M #Tether wallets: 33.98% of supply
???? 100K-10M #USDCoin wallets: 35.49% of supply

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— Santiment (@santimentfeed) January 20, 2024

The blockchain analytics firm also highlighted the accumulation of the Tether and USDC stablecoins as a vital signal for the cryptocurrency market’s return to its recent high.

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Bitcoin Price Overview

As of this writing, the price of Bitcoin stands at $41,593, reflecting a 1.1% increase in the past 24 hours. This doesn’t fully tell the story of the coin’s performance in the past day, though, as it briefly fell below $41,000.

According to data from CoinGecko, BTC is down by more than 5% in the last 14 days. The cryptocurrency has reversed all its gains and more from the recent launch of spot exchange-traded funds in the United States.

Nevertheless, Bitcoin maintains its spot as the largest cryptocurrency in the sector, with a market cap of over $814 billion.

Bitcoin's price reclaims $41,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Author: Opeyemi Sule

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