Bitcoin’s realized price rises amid a surge in whale activity
Bitcoin (BTC) witnessed a sudden drop as March started with a series of bank collapses. The downward movement continued for almost two weeks, bringing the price down to the $19,500 mark on March 10.
A week later, BTC hit a 10-month high of $28,803, according to crypto.news data. A CryptoQuant analyst shared his bullish expectations on bitcoin as its “realized price” is closing to the $20,000 mark — currently at around $19,916.
“There is a high probability that the Realized Price of bitcoin could break the $20,000 USD level due to increased demand for bitcoin, to regain to its ATH levels.”CryptoQuant.
Moreover, as the bullish expectations shape again, a bitcoin whale has moved around 7,165 coins from the Singapore-based exchange Crypto.com to an unknown wallet. According to Whale Alert, there are five transactions, worth 1,433 BTC each, that happened in a matter of seconds.
The total amount of bitcoin, transferred from Crypto.com, is worth roughly $200 million at the time of writing.
Bitcoin is up by 0.5% in the past hour and trading at $27,914 at the time of writing, per data provided by crypto.news. The asset reached the $28,800 mark on March 22, a level last touched in June 2022.
Furthermore, bitcoin has a 46.2% dominance over the total crypto market with a market capitalization of roughly $540 billion.