Santiment,aleadingcryptocurrencyanalyticsfirm,hasreportedasignificantincreaseinBTCwhaleactivityduringtherecentsurgeinBitcoin’sprice.
Bitcoinwhaletransactionshitamorethan10-weekhighonTuesday,with11,697transfersworthover$100,000,accordingtothefirm’sanalysis,andareontracktoreachsimilarhighsonWednesday.
Theanalysisalsohighlightedashiftinsocialmediadiscussions,withBitcoindominatingdiscussionsonaltcoins.SantimentnotedthatBitcoin,thelargestcryptoasset,nowaccountsformorethanaquarterofallcryptocurrency-relatedconversationsontheinternet,asinvestorsfocusheavilyonpriceactionafterBitcoinsurpassed$68,000,itshighestlevelsinceJuly.
However,Santimentwarnedthatthesedevelopmentscouldsignalatemporaryhalttotherally.Theanalysispointedtoprofit-takingbykeyassetholdersandrisingfearofmissingout(FOMO)amongthecrowdaspotentialreasonsforashort-termcorrection.However,thefirmremainsoptimisticaboutBitcoin’smedium-tolong-termprospects,suggestingthatanypricedeclinesarelikelytobeshort-lived.
*Thisisnotinvestmentadvice.
en.bitcoinsistemi.com