Steady Growth Apparent Despite Recent Losses
In the past few days, Bitcoin and many of the major block chain currencies saw its price fall in double digit percentages. But, many experts believe that the rise that pushed the bitcoin above $19,000 in 2017 was fueled by irrational speculative buying.
Industry leaders are pleased that despite the recent losses, the Bitcoin and other crypto currencies is showing a steady upward trend and should become a stable investment for many years in the future.
For example in 2017, the price of the Bitcoin was at $975.00 and settled at $3,525.00 at the end of the first month of 2019.
Whales Pounce on Opportunity
The recent drop does provide opportunistic investors with a chance to acquire more assets at a great price. Certain whale wallets inflated with large purchases of Bitcoins and Bitcash. Most of the owners of largest wallets are still largely unknown and they own approximately 16% of the entire cryptocurrency market.
From December 17 th of last year to February 25 th of this year, the largest wallets increased the holding by close to 3,000 BTC. That is an approximate value of $10.8 million. In relation to the remaining 100 large wallet owners, in the same period they acquired approximately 151,000 BTCs or
approximately $577 million.
The movement of the largest private investors, also known as whales, is more apparent in Bitcoin Cash BCH. Based on Market movement, it is apparent that the whales see the currency bottoming out since November 2018.
The Bitcoin fell 2% on the day, threatening the $130 support level. The Litecoin broke the $48 support level and went close to the $45 level. The Cryptocurrency market cap remained steadfast at $124.2 Billion.