Bitcoin Surges Above $94,000 Driven by Whales and Institutional Investors
Bitcoin is currently experiencing a surge in value, trading at approximately $94,200 (around Rs. 80.3 lakh) on international exchanges. This increase comes amid significant acquisitions by large investors, often referred to as “whales,” and institutional buyers. Over the past week, Bitcoin’s value rose by 7.80 percent, although it saw a slight decline of 0.09 percent on Indian exchanges. The cryptocurrency faced challenges in April, dropping to its lowest point of $76,000 (roughly Rs. 64.8 lakh) due to macroeconomic factors and geopolitical tensions between China and the United States.
Market Dynamics and Whale Accumulation
Bitcoin’s current trading landscape shows immediate resistance at $96,000 (approximately Rs. 81.9 lakh), while support is noted at $90,500 (around Rs. 77.2 lakh). Recent data from Glassnode indicates a notable increase in whale activity, with the number of wallets holding over 10,000 BTC rising from 124,000 to 137,600 in just one month. This accumulation trend is seen as a positive indicator for Bitcoin’s potential upward momentum. Edul Patel, Co-founder and CEO of Mudrex, emphasized that this steady accumulation could bolster Bitcoin’s price trajectory in the near future.
Ether and Altcoin Performance
Ether, the second-largest cryptocurrency, has also faced some challenges, with its price dropping by 0.33 percent on international exchanges, bringing it to $1,792 (approximately Rs. 1.52 lakh). On Indian platforms, Ether is trading around $1,798 (roughly Rs. 1.53 lakh). Despite these fluctuations, Ethereum is attempting to break through the crucial resistance level of $1,800 (around Rs. 1.53 lakh), which could signal potential upward momentum. Himanshu Maradiya, Founder of CIFDAQ exchange, noted that market sentiment remains cautiously optimistic, with select altcoins showing signs of leading the next upward phase.
Overall Market Trends
The broader cryptocurrency market has shown mixed results, with many altcoins experiencing price declines. Notable cryptocurrencies such as Tether, Solana, Dogecoin, Cardano, and Tron have all seen reductions in value. However, some coins, including Ripple, Chainlink, Avalanche, and Leo, have recorded gains. The overall market capitalization of the cryptocurrency sector has increased by 0.21 percent in the last 24 hours, now standing at $2.95 trillion (approximately Rs. 2,51,57,146 crore). The CoinDCX research team highlighted that despite recent market corrections, the overall sentiment remains bullish, driven by increasing institutional demand and positive macroeconomic indicators.
Future Projections
Experts are optimistic about Bitcoin’s future, with predictions suggesting it could rise to as much as $124,000 (around Rs. 1.05 crore). Avinash Shekhar, Co-Founder and CEO of Pi42, pointed out that the overall market sentiment is extremely positive, fueled by growing institutional interest and improving fundamentals. As the cryptocurrency market continues to evolve, investors are closely monitoring these developments, hoping for sustained growth in the coming months.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
Follow Us on Twitter, Instagram, Facebook, & LinkedIn
