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Bitcoin (BTC) on Fire, About To Hit $23,000, Here's Important Driver

Sat, 01/21/2023 - 12:55
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Yuri Molchan
Flagship cryptocurrency is one step away from recovering $23,000 level
Bitcoin (BTC) on Fire, About To Hit $23,000, Here's Important Driver
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The leading digital currency, Bitcoin, has come real close to breaking above the $23,000 price mark for the first time since August 2021.

Over the past 24 hours, the Bitcoin price has jumped over 9%, adding around $2,000 overnight.

BTCprice23000
Image via TradingView

Data from Santiment on-chain data aggregator shows that one of the main reasons for such a big price jump is the recent activity of a large group of whales of a high tier.

These wallets, the company's analysts say, hold between 1,000 and 10,000 Bitcoins. Over the past two weeks, they have collectively bought $1.46 billion worth of BTC. That is equal to 64,638 coins.

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Per a Santiment chart, these whales were actively selling their Bitcoins between February and December last year. Now, over the past 15 days, they resumed aggressive purchasing.

The fast growth of Bitcoin explains the rest of the cryptocurrency market trading in the green at the moment.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.