• Bitcoin (BTC) has once again surged past the $23,000 mark, with altcoins such as Aptos leading the rally.
• CryptoQuant CEO Ki Young Ju believes that the selling pressure is unlikely to resume since no one would want to sell at a loss.
• Ju also added that BTC whales have been holding their supplies strongly, even during the price pump.
The world’s largest cryptocurrency Bitcoin (BTC) has once again surged past the $23,000 mark, with altcoins such as Aptos leading the rally. Aptos jumped by more than 40% in a day amid huge whale accumulation. As of press time, BTC is trading 1.4% up at a price of $23,050 and a market cap of $443 billion.
CryptoQuant CEO Ki Young Ju believes that Bitcoin has entered an early bull phase. He noted that on-chain PnL-related indicators such as the MVRV ratio indicate that most investors are still underwater. According to Ju, the selling pressure is unlikely to resume since no one would want to sell at these levels at a loss. He also added that BTC whales have been holding their supplies strongly, even during the current price pump. Ju commented on the latest report by CryptoQuant, saying:”Ofc, Bitcoin still has contagion & macro risks, and we may see more bankruptcies, M&As, and capitulations in the next few months. But, from an on-chain perspective, $BTC whales haven’t moved Bitcoins despite the recent price surge. The market structure has been really strong, and I believe this is the beginning of the bull market.”
The crypto market has seen a huge surge in activity over the last few days, with Bitcoin, Ethereum, and other major altcoins climbing higher. Many investors have speculated that the current rise in price is likely due to institutional investors entering the market and as a result, driving up the prices. This is further compounded by the entry of large retail investors as well, who are looking to take advantage of the current market conditions.
Given the current state of the market, it is likely that the prices will continue to go up in the near future. However, it is important to note that the market remains highly volatile and the prices could crash at any point. As such, it is important to exercise caution while trading and investing in the cryptocurrency market.