• Bitcoin (BTC) is currently trading 1.4% up at a price of $23,050, with a market cap of $443 billion.
• CryptoQuant CEO Ki Young Ju believes that Bitcoin has entered an early bull phase, and the selling pressure is unlikely to resume since no one would want to sell at these levels at a loss.
• Aptos led the rally in altcoin space jumping by more than 40% in a day amid huge whale accumulation.
The world’s largest cryptocurrency Bitcoin (BTC) has seen a price increase of 1.4% in the last 24 hours, with a current price of $23,050 and a market cap of $443 billion. This price increase has been supported by the buying interest of whales, who have been holding onto their Bitcoin supplies despite the recent rally.
CryptoQuant CEO Ki Young Ju noted that this price increase has signaled the beginning of an early bull phase. He added that the selling pressure is likely to remain low as no one would want to sell at these levels and incur a loss. On-chain PnL-related indicators such as the MVRV ratio have also suggested that most investors are still underwater.
In terms of altcoins, Aptos has led the rally, with its price increasing by more than 40% in a day due to huge whale accumulation. This has been followed by other altcoins, such as Bitcoin Cash (BCH) and Litecoin (LTC), which have both seen an increase of 3.3% and 5.1% respectively.
Despite the possibility of further bankruptcies, M&As and capitulations in the following months, the on-chain indicators suggest that Bitcoin whales are likely to remain in the market and keep supporting the rally. This, coupled with the low selling pressure, could lead to further price increases in the near future.