Crypto Market Analysis: Why Bitcoin Price is up Today?
Bitcoin surged past $24.7k due to buying pressure from whales and stablecoin traders, despite regulatory scrutiny and liquidations.
On-chain firms noted increased whale activity in the Bitcoin market, with $1.6B withdrawn by funds since Feb. 10. Confidence in Bitcoin as a store of value remains high despite volatility.
The Bitcoin bulls have paused a surprise rally within 24 hours, pushing the asset’s price beyond $24.7k. Despite the bearish sentiments caused by the FTX and Alameda’s collapse, the most outstanding digital asset has managed to trend positively in the past few weeks. The continued rally comes amid increased crypto regulatory scrutiny from several United States government agencies.
According to the latest crypto price data, over 52,755 traders were liquidated in the past 24 hours, with total liquidations coming in at approximately $206 million.
Following the recent Bitcoin pump, the asset’s market dominance has edged higher to approximately 42.7 percent. With a market capitalization of roughly $518,558,039,871, Bitcoin’s trading volume in the last 24 hours stands at around $36,512,792,911.
Increased Whales Accumulation said Bitcoin Bulls
On-chain intelligence firm Santiment has attributed the latest breakout to increased buying pressure from Bitcoin whales. Moreover, more traders are fleeing the stablecoins market to Bitcoin following the BUSD strike by the New York State Department of Financial Services.
“Bitcoin has launched to a 6-month high, surprising the bearish trader sentiment. With prices jumping above $24.2k for the first time since Aug. 14th, 2022, watch for whale addresses increasing as a sign of increased key stakeholder confidence,” Santiment noted.
The confidence in Bitcoin as a store of value has spiked across the board despite the increased volatility recorded in both directions.
A similar outlook on increased whale activity has been echoed by on-chain analysis company Lookonchain. According to the firm, approximately $1.6 billion has been observed withdrawn from the crypto market by several funds and institutions from February 10.