Bitcoin
Bitcoin (BTC)
$66,598.00 4.45105
Bitcoin price
Ethereum
Ethereum (ETH)
$3,493.95 2.38996
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BNB
BNB (BNB)
$588.95 3.28087
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Solana
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$170.77 7.34259
Solana price
XRP
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$0.5766220 4.71991
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Shiba Inu
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$0.0000177 2.77075
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$0.0000121 4.94505
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Bonk
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$0.0000319 19.53051
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Bitcoin
Bitcoin (BTC)
$66,598.00 4.45105
Bitcoin price
Ethereum
Ethereum (ETH)
$3,493.95 2.38996
Ethereum price
BNB
BNB (BNB)
$588.95 3.28087
BNB price
Solana
Solana (SOL)
$170.77 7.34259
Solana price
XRP
XRP (XRP)
$0.5766220 4.71991
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000177 2.77075
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000121 4.94505
Pepe price
Bonk
Bonk (BONK)
$0.0000319 19.53051
Bonk price
Bitcoin
Bitcoin (BTC)
$66,598.00 4.45105
Bitcoin price
Ethereum
Ethereum (ETH)
$3,493.95 2.38996
Ethereum price
BNB
BNB (BNB)
$588.95 3.28087
BNB price
Solana
Solana (SOL)
$170.77 7.34259
Solana price
XRP
XRP (XRP)
$0.5766220 4.71991
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000177 2.77075
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000121 4.94505
Pepe price
Bonk
Bonk (BONK)
$0.0000319 19.53051
Bonk price
Bitcoin
Bitcoin (BTC)
$66,598.00 4.45105
Bitcoin price
Ethereum
Ethereum (ETH)
$3,493.95 2.38996
Ethereum price
BNB
BNB (BNB)
$588.95 3.28087
BNB price
Solana
Solana (SOL)
$170.77 7.34259
Solana price
XRP
XRP (XRP)
$0.5766220 4.71991
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000177 2.77075
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000121 4.94505
Pepe price
Bonk
Bonk (BONK)
$0.0000319 19.53051
Bonk price

Bitcoin turns green as large whales make moves

bitcoin-turns-green-as-large-whales-make-moves
Edited by
Markets
Bitcoin turns green as large whales make moves

Bitcoin (BTC) has witnessed high volatility over the past month, but with the current whale movements, the flagship cryptocurrency gained a bullish moment.

According to data from Santiment, Bitcoin whale transactions, consisting of at least $1 million worth of BTC, saw a sudden rise over the past 24 hours. Data suggests that the whale transaction count rose from 1,013 on Aug. 7 to 1,579 at the time of writing.

BTC price, whale transactions, MVRV ratio, and active addresses | Source: Santiment
BTC price, whale transactions, MVRV ratio, and active addresses | Source: Santiment

While the rise in whale activity usually suggests high volatility, the number of active Bitcoin addresses reached a 26-day low of 18.23 million, per the market intelligence platform.

The active wallet count is still up by around 240,000 over the past 30 days when BTC traded at $30,250.

Moreover, another indicator, the Market Value to Realized Value (MVRV) ratio, suggests that Bitcoin is currently undervalued by 1.6%. Per Santiment’s data, the flagship cryptocurrency must reach the $29,600 mark to hold its real value.

Bitcoin is up by 0.4% in the past 24 hours and trading at around $29,150 at the time of writing. The bullish momentum comes as the asset’s 24-hour trading volume spiked by 65%, reaching $13.63 billion.

Historically, Bitcoin’s movement in the green spot has usually brought the broader crypto market to the bull spot. With BTC’s upward acceleration, the global cryptocurrency market capitalization rose by 0.35%, surpassing $1.163 trillion, per CoinMarketCap (CMC).

According to a report on Aug. 5, the Bitcoin price must surpass the $100,000 mark for BTC miners to stay profitable in 2024. The analysis comes while BTC’s price fell four times below the $29,000 mark over the past month.