Bitcoin’s market capitalization is finally back to $1 trillion, following a bearish market where the top cryptocurrency slumped below the psychological price of $50k recently.
BTC’s upward trend continues, with the cryptocurrency trading at $54,474 at the time of writing, according to CoinMarketCap.
Santiment has noted that Bitcoin whales are taking advantage of this raging market to accumulate more BTC. The on-chain metrics provider explained:
“Bitcoin whale addresses (holding 10k+ BTC) continue to get richer and accumulate as prices range, particularly after the AllTimeHigh two weeks ago. Around 90k BTC ($4.92B) has been added in total to these addresses since April 5th.”
Santiment acknowledged that these BTC whales have been on a spending spree as they have purchased an additional 90,000 Bitcoins for a whopping $4.92 billion.
The Asian continent is not being left behind on the Bitcoin bandwagon because institutional adoption is making a big step forward.
For instance, Nexon Co., the biggest gaming company in South Korea, recently bought Bitcoin worth $100 million. This is the largest crypto purchase conducted by a company trading in Tokyo.
Bitcoin’s consolidation to continue for a substantial period
Michael van de Poppe believes that BTC’s consolidation will take quite some time, but that it is healthy for a bull run. The market analyst explained:
“In general, I think Bitcoin will consolidate for a substantial period of time. That's essentially quite good, as healthy consolidative periods are part of a bull cycle. You can't throw six all the time.”
His sentiments are echoed by crypto trader Carl Moon who believes that a bigger correction will occur before Bitcoin hits $100,000 sometime this year.
The debate on whether BTC will soar to $100k has been taking center stage in the crypto space. Bloomberg’s senior commodity strategist, Mike McGlone, recently pointed out that there are enough catalysts surrounding BTC that can easily push its price to $100,000.
For instance, the perception that Bitcoin is an alternative to cash and the growing number of proposed exchange-traded fund (ETF) products are part of the core catalysts for the rising cryptocurrency.
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