Bitcoin Price Prediction and Ethereum Prediction: The Whales Move $743 million in Crypto – Here’s what You Need To Know
In the last few weeks, the cryptocurrency market has been experiencing a rollercoaster ride with Bitcoin and Ethereum prices fluctuating wild. It is vital to keep up to date with the latest developments and make informed decisions as the market continues its unpredictable nature.
Whales have been moving an estimated $743 Million in crypto recently, which could signal a price spike or crash. This article will cover what you need to know and how it may impact Bitcoin and Ethereum prices in future.
Whales Move $743 million in Crypto – Here’s what you need to know
Bitcoin has recently reached a record high of $23,000, and is now the talk of crypto. Three large BTC/ETH whales are attracting a lot of attention in the crypto trading community. The whales combined to move $743 million worth of crypto through three transactions, which can be described as an amazing feat.
A large investor in cryptocurrency, also known as a Bitcoin Whale, was seen Friday. Transferred 13369 BTC It was worth $311 million to transfer money from one wallet to the next. The top crypto transactions were traced back to an unknown wallet. 65 Bitcoin wallets According to BitInfoCharts. It was used to send and receive funds.
A whale moved a large amount of Ethereum worth $309 Million from one wallet to the other on Saturday. The amount transferred was 186.009 ETH.
Whale Alert later detected another large Bitcoin transaction, worth $123 million. It originated from Gate.io. The funds were transferred to an unknown wallet. The sent amount was 5,278 BTC tokens.
Someone may have moved funds to a cold account to make a purchase or as an additional security measure. Moving money from an exchange into a cold wallet can be seen as safer than keeping the funds on the exchange.
Bitcoin has been steady over the past 24 hours with a 0.5% decline to $23,305. Ethereum, on the other hand has experienced a slight increase of 0.1% to 1,664 over the same time period.
Ray Dalio on Bitcoin: Why it Doesn’t Fit the Bill as Money, Store Of Value or Medium of Exchange
Ray Dalio is an investor who founded Bridgewater Associates. He recently shared his thoughts on Bitcoin. According to him, Bitcoin is not money, a store or medium of exchange, and therefore, it does not fall under the category of money.
He believes it is too unpredictable and volatile to be used for a currency. It lacks intrinsic value and regulatory oversight, so it cannot be used to store value.
He believes it cannot be used for exchange as the transaction fees are too high to allow most people to use it in daily transactions.
He believes that Bitcoin could be an asset class and could have some applications in certain situations, despite his criticisms.
It’s amazing, I think. But it doesn’t have any relation to anything.
Ray Dalio (billionaire investor) recently compared Bitcoin’s total market value to Microsoft’s stock. While Microsoft was valued at $1.92 trillion on Friday, Bitcoin had only a third.
Ray Dalio says that investing in crypto is more exciting than in biotech or other industries.
It is not going to make you any money. It is not an efficient way to store wealth. It is not an efficient medium of exchange.
His remarks put downward pressure on the top cryptocurrencies.
Bitcoin’s current price is $23,365, and its 24-hour trading volume of $15 billion. It has increased by 0.10% in the past 24 hours. It is at the 1st rank in CoinMarketCap, with a market cap of $450 Billion.
Current Bitcoin supply is 19,281,825 bitcoins. The eventual maximum supply is 21 million.
Bitcoin has been trending down recently, with $23300 its immediate support level. It could fall below this level and cause further price declines. The final target is $23000, which is marked with a rising trendline that could be considered a point of support.
MACD and RSI indicators indicate that there could be increased selling pressure, which could lead to the BTC price falling to $22,750.
The 50-day exponential moving mean is currently pointing towards a positive momentum of above $23,300 BTC/USD. This indicates that a rebound may be possible. It could rise to $24,500 if the price breaks the $23,950 mark.
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Ethereum currently trades at $5.9 Billion and its current price is $1,664. In the last 24 hours, it has seen a 0.50% rise in its value. With an estimated market cap of $203 billion, Ethereum ranks 2nd on CoinMarketCap.
The ETH/USD currency pair has been trading in a narrow range between $1,650 and $1,685. It may break out of this range and reach $1,720 if it does.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators have begun pointing in opposite directions, signaling a potential change in trend. The one indicator suggests buying, and the other indicates that investors should look to sell.
The 50-day Exponential moving average signals a bullish trend, with values above $1620, which indicates a potential increase in coin prices.
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Alternatives to Bitcoin
CryptoNews Industry Talk recently identified 15 top cryptocurrencies for 2023. There are many options available if you want to invest in something more lucrative.
Weekly, the number and quality of cryptocurrencies available continues to increase.
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.