The Price of Large Bitcoin Whales Has Dropped to an All-Time Low as BTC Aims to Pass $65,000

Bitcoin has risen above the $62,000 (roughly Rs 46,64,880) mark for the first time in five months, igniting the entire cryptocurrency market in the process. However, despite the fact that the digital asset has reached levels that are considered “overbought” this month, investors continue to flock to it, and further growth is expected in coming weeks. The October rally was fueled, according to previous reports, by large Bitcoin (BTC) whale purchases. However, new data indicates that the number of investors holding BTC 10,000 or more has dropped to an all-time low, suggesting that the October rally was a fluke.

According to a tweet by Chinese journalist Colin Wu, Glassnode, an on-chain market analysis group, claims that the number of Bitcoin whales with more than BTC 10,000 has dropped to 82, the lowest number since mid-December 2012. The value of a BTC 10,000 investment at the time was only $135,000 due to the low value of Bitcoin at the time of $13.5 per bitcoin (roughly Rs. 1,015). (approximately Rs. 1.02 crores) The value of a single bitcoin has risen to more than $621 million in recent months (roughly Rs. 4,655.04 crores).

The findings of Glassnode, on the other hand, are inconclusive when it comes to determining whether or not whale populations have declined. The number of accounts holding BTC 100–1,000 has “significantly” increased in the last five weeks, according to Santiment’s recent tweets about the cryptocurrency. According to Santiment, the number of Bitcoin wallet addresses associated with this group has increased by 254, representing a 1.9 percent increase in a short period of time.

Some of these addresses may be controlled by multiple users, indicating that some whales have distributed their Bitcoin holdings across a number of different accounts. Because a smaller percentage of total supply is owned by a small group, a crypto asset becomes more decentralised as ownership spreads out across the entire network.

As Bitcoin’s value soars above $60,000, the global crypto market cap reaches a new high of $2.5 trillion

According to cryptocurrency tracker CoinMarketCap, the total market capitalization of all cryptocurrencies now exceeds $2.5 trillion (roughly Rs. 1,87,42,625 crores). After a brief decline, Bitcoin’s value is now trading at over $65,000 (approximately Rs 49,000) on Indian exchanges and at over $62,000 (approximately Rs 47 lakhs) on international exchanges. The total market capitalization of the global cryptocurrency market now exceeds that of Apple and Microsoft combined. Microsoft’s market value is only $2.28 trillion, compared to Apple’s $2.39 trillion (roughly Rs 1,79,17,949 crores) (roughly Rs. 1,70,93,276 crores).

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