The Bitcoin price continued its rally of recent weeks over the weekend to nearly $23,000. Although the asset was down as low as $22,700 during the early hours of Monday’s Asian session, Bitcoin’s market dominance has increased to 41.90 percent.
After the three-week bombshell, Bitcoin’s market capitalization has surpassed $438,187,899,265 driven by the huge accumulation of whales, according to blockchain data.
According to market intelligence platform Santiment, Bitcoin addresses holding between $1,000 and $10,000BTC have collectively accumulated some 64,638 BTC worth approximately $1.46 billion in the past two weeks.
As more Bitcoins leave the centralized exchanges, there has been a decline in trading volume in recent days.
According to our latest cryptocurrency price oracles, 24-hour Bitcoin trading volume stands at $23,966,344,678 on Monday, down approximately 27 percent.
🐳 #Bitcoin has now surpassed $22.7k for the first time since August 18, 2022. The price rise has come as the large whale tier group of addresses holding 1,000 to 10,000 $BTC has collectively accumulated 64,638 ($1.46 billion) $BTC in the past 15 days. 👍 https://t.co/H6jCsZDgUR pic.twitter.com/RaN2I48ybg
— Santiment (@santimentfeed) January 20, 2023
The current Bitcoin price rally has rejuvenated the altcoin market, with most traders likely FOMO in highly volatile meme coins. On the other hand, Bitcoin may have more upside volatility before reaching the 200W MA around $25k.
In addition, the strong weekly bar over the past three weeks indicates a higher probability of a rally in the coming weeks before an imminent correction.
— Ali (@ali_charts) January 21, 2023
Bitcoin price and market outlook
Bitcoin price has erased the losses of FTX and Alameda after rallying more than 33% over the past three weeks. However, the trauma caused by FTX and Alameda continues to rattle some key cryptocurrencies, including DCG’s Gemini and Genesis Trading, among others.
In addition, Genesis Trading filed for Chapter 11 bankruptcy protection following its huge exposure to FTX and 3AC losses.
Bitcoin’s price has a long way to go to regain its ATH, $69,044, set on November 10, 2021. Market analysts expect a multi-week buildup before retesting the highs.
Ethereum (ETH), the second largest digital asset, has also rebounded in recent weeks to trade around $1,636.61 on Monday.
According to data provided by Coingecko, Ethereum’s dominance stands at around 19%, with a market capitalization of approximately $197,288,103,370.
The overall rally in cryptocurrencies has coincided with positive sentiment in the traditional stock market. The Dow, Nasdaq and S&P 500 are all up more than 1% in the last 24 hours.
Thus, cryptocurrency-related stocks such as Coinbase Global Inc (NASDAQ: COIN) and Marathon Digital Holdings Inc (NASDAQ: MARA) closed last Friday up 11.6% and 9.95%, respectively.
In conclusion, the Bitcoin price has reached a new all-time high of $23,000, surpassing its previous record high in August.
This has been driven by the accumulation of whales, who have been acquiring large amounts of Bitcoin. This has led to an increase in demand, which in turn has driven the price higher.
While it is difficult to predict how the price will evolve in the short term, it is likely to remain highly volatile.
However, as more institutions and companies adopt Bitcoin as an investment asset, we may see greater stability in its price over the long term.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
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