Whales Gobble Up Bitcoin As Top Crypto Asset Tracks Sideways This Week, According to Analytics Firm IntoTheBlock
A leading blockchain analytics firm says whales are accumulating Bitcoin (BTC) as the top crypto asset tracks sideways this week after its propulsive price action earlier this month.
IntoTheBlock notes that the amount of Bitcoin held by addresses with over 1,000 BTC hit a new yearly high this week.
The cohort of whales now holds 7.67 million BTC worth nearly $280 billion.
Bitcoin is trading at $36,474 at time of writing. The top-ranked crypto asset by market cap is down more than 2% in the past week but remains up by more than 29% in the past 30 days.
In addition to BTC whale accumulation, IntoTheBlock also notes that Bitcoin’s new adoption rate reached a yearly high of 67.62% this week.
Explains the firm,
“This metric shows the percentage of active addresses that are newly created and in this case, indicates a surge in new market participants.”
Additionally, IntoTheBlock notes that Bitcoin “continues to assert its dominance” by leading all layer-1 blockchains with 960,000 daily active addresses.
The firm adds, however, that the peer-to-peer payments network Litecoin (LTC) is “surprisingly close” with 797,000 daily active addresses.
“Litecoin shows significant network usage. This high level of activity indicates a strong, engaged user base.”
Ethereum (ETH) ranks third with 405,000 daily active addresses, according to IntoTheBlock.
At time of writing, Ethereum is trading for $1,950, while Litecoin is worth $69.71.
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