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BTC whales now in full effect following bitcoin passing the $13,000 mark last week

BTC whales now in full effect following bitcoin passing the $13,000 mark last week

Quick take

1 minute read

  • Over the course of the past few weeks, bitcoin has been seemingly in an exciting up trend and even surpassed the $13,000 key resistance level at the end of last week. 
  • Even though this year has been a drag for the most part with the coronavirus pandemic and the economic crisis that we have been succumbed to, bitcoin is seemingly doing pretty well. 

Over the course of the past few weeks, bitcoin has been seemingly in an exciting up trend and even surpassed the $13,000 key resistance level at the end of last week. Even though this year has been a drag for the most part with the coronavirus pandemic and the economic crisis that we have been succumbed to, bitcoin is seemingly doing pretty well. 

Why is that?

Well, it is difficult to say. On Sunday, the leading cryptocurrency saw its second-highest weekly close since the early months of 2018.

As the price has increased, the number of whales has gone with it and according to data from the analytics provider Glassnode, the whale population hit a new all-time high this week. 

Depending on how new you are to the crypto space, you will have most likely heard about Crypto whales. 

The term ‘whale’ is given to an investor or trader that have a very big amount of crypto funds and partakes in very big transactions. So when compared to other financial sectors, the crypto market is pretty small.

Over the past seven days alone, the number of bitcoin whales spiked by just over 2.5%.

PayPal more than likely had a big impact on this as it announced that it would start accepting crypto in the Q1 of 2021.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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