Bitcoin Price and Ethereum Prediction: Whales Move $743 Million in Crypto
The cryptocurrency market has been on a rollercoaster ride in recent weeks, with Bitcoin and Ethereum prices fluctuating wildly. As the market continues to be unpredictable, it is important to stay informed about the latest developments in order to make informed decisions.
Recently, whales have moved an estimated $743 million in crypto, which could indicate a potential price rally or crash. In this article, we will discuss what you need to know about this development and how it may affect Bitcoin and Ethereum prices in the future.
Whales move $743 million in crypto – here’s what you need to know
Bitcoin recently hit an all-time high of $23,000 and has been the talk of the crypto world. Attention is also focused on three major BTC and ETH whales that are turning heads in the crypto trading community. In what can be considered an astonishing event, the whales moved a whopping $743 million in crypto through 3 transactions combined.
On Friday, a major investor in the cryptocurrency space, known as a Bitcoin whale, transferred 13,369 BTC worth $311 million from one unknown wallet to another. A crypto transaction was tracked to one of the top 65 Bitcoin wallets according to BitInfoCharts. The wallet was used to both send and receive funds.
On Saturday, a large sum of Ethereum worth $309 million was moved by a so-called whale from one unknown wallet to another. The amount transferred was 186,009 ETH.
At a later date, Whale Alert discovered another large Bitcoin transaction worth $123 million that originated from Gate.io and was transferred to an unidentified wallet. The amount sent was 5,278 BTC tokens.
Some have recently moved money to a cold wallet to make a purchase, or they may have done so as an extra security measure. Moving money from an exchange to a cold wallet is often seen as safer than keeping funds on the exchange.
Bitcoin has been consistent over the past 24 hours, with a slight decrease of 0.5% to reach $23,305. On the other hand, Ethereum has seen a marginal increase of 0.1% to reach 1,664 in the same time period.
Ray Dalio on Bitcoin: Why it doesn’t fit the bill as money, store of value or medium of exchange
Ray Dalio, the founder of Bridgewater Associates, is a well-known investor and has recently expressed his opinion on Bitcoin. In his view, Bitcoin does not fit the bill as money, a store of value or a medium of exchange.
He believes it is too volatile and unpredictable to be used as currency. He also believes that it cannot be used as a store of value due to its lack of intrinsic value and lack of regulatory oversight.
Finally, he believes that it cannot be used as a medium of exchange because the transaction fees are too high for most people to use it in day-to-day transactions.
Despite these criticisms, he believes Bitcoin could become an asset class in the future and could potentially have some uses in certain contexts.
I think it’s been pretty amazing that it’s been achieved for 12 years … But I think it’s unrelated to anything … It’s a little thing that gets disproportionate attention.
Billionaire investor, Ray Dalio, recently compared the total market capitalization of Bitcoin to Microsoft’s stock. On Friday, Microsoft was worth $1.92 trillion while Bitcoin had only a third of that amount.
According to Ray Dalio, biotechnology and other industries are proving to be much more interesting than investing in cryptocurrency.
It’s not going to be efficient money. It is not an efficient store of wealth. It is not an effective means of exchange.
Therefore, his comments put downward pressure on the leading cryptocurrencies.
Bitcoin price
The current Bitcoin price is $23,365 and the 24-hour trading volume is $15 billion. In the last 24 hours, it has gone up by 0.10%. It has the 1st rank on CoinMarketCap with a live market cap of $450 billion.
The current amount of Bitcoin in circulation is 19,281,825 coins out of an eventual maximum supply of 21 million.
Recently, Bitcoin has been trending down, with $23300 as its immediate support area. If it breaks this level, it could lead to further losses in the price – eventually settling at $23000 which is marked by an ascending trend line and can be seen as a potential support point.
The RSI and MACD indicators have indicated that there could be an increase in selling pressure that could see the BTC price go down to $22,750 as the next support level.
Currently, the 50-day exponential moving average points to positive momentum above $23,300 for BTC/USD. This suggests that an upswing may be imminent. If the price breaks out of the $23,950 mark, it could potentially rise to around $24,500.
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Ethereum price
Ethereum’s current price stands at $1,664 and it has a 24-hour trading volume of $5.9 billion. It has also seen a 0.50% increase in value over the past 24 hours. Ethereum is ranked #2 on CoinMarketCap with a total market capitalization of approximately $203 billion.
The ETH/USD pair has not made much progress over the past couple of days and is currently trading within a limited range of $1,650 to $1,685. If it breaks out of this area, there may be potential for the price to reach $1720.
Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators have started to point in opposite directions, signaling a potential trend change. One indicator suggests buying, while the other indicates that investors should be looking to sell.
The 50-day exponential moving average signals a possible bullish trend with values above $1,620, indicating a growth in coin prices.
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Bitcoin and Ethereum alternatives
CryptoNews Industry Talk recently identified the top 15 cryptocurrencies for 2023. If you’re aiming to invest in something more promising, there are plenty of other options to explore.
On a weekly basis, the number of available cryptocurrencies and new ICOs (Initial Coin Offerings) continues to rise.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
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