2022-3-29 14:09 |
Bitcoin was the first cryptocurrency initiated back in 2009. Since then, thousands of other coins have been launched, some more successful than others.
Nevertheless, Bitcoin is still leading the way by capturing around 42% of the entire crypto market. It is no secret that movements in its price heavily affect most crypto assets. That is why we tend to always keep an eye on the foremost cryptocurrency, a good way to do just that is through on-chain metrics. All the data obtained from the public blockchain can be processed and turned into statistics that help us predict future movements.
The current conflict involving Russia and Ukraine and the delicate international environment have drawn a lot of attention to cryptocurrencies. On one hand, the Ukrainian government has been accepting crypto as donations because of their universal and borderless nature as blockchain technology also brings a whole lot of transparency to the donation sphere.
On the other hand, with all the blockades that Russia is currently engulfed in, people and nation-states are conceding that the only way to get full control of your coffers is through cryptocurrencies.
Since the start of the warfare, Bitcoin addresses holding from 1k to 10k BTC has jumped 9%, according to data obtained by ZyCrypto from blockchain analytics platform Santiment. We are talking about wallets that hold hundreds of millions of dollars that are adding more BTC to their bags at current prices.
There are now more than 2,200 addresses holding from 1,000 to 10,000 BTC, its highest level in 12 months. This whale accumulation phase tends to be followed by an immense price boost.
If we analyze this metric’s behavior during 2021, we will see that there was a big drop in whale addresses during April. This matches the $64k top in Bitcoin’s price, leading to the 5-month price decrease to $30k.
Source: CoinMarketCapDuring that time, the number of addresses containing more than 1k BTC kept dropping until the trend reversed in September. Sure enough, only 1 month later the price of BTC more than doubled and reached $69k. We are currently experiencing a similar reversal with whale addresses growing almost 10% in a matter of days. If history has taught us anything, it is that you can never go wrong following smart money.
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