Hassan Maishera
TL;DR
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Bitcoin is up by more than 3% in the last 24 hours and is now trading above $44,500.
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Whales continue to accumulate more bitcoins as investors turn to risk assets like crypto.
Bitcoin Approaches the $45k Resistance Mark
Bitcoin, the world’s leading cryptocurrency by market cap, has been performing well over the last few hours. BTC is up by more than 3% over the last 24 hours, allowing it to cross the $44k level.
At press time, Bitcoin’s price now stands at $44,658. If the rally continues, Bitcoin could be closing in on the $45k psychological level in the coming hours.
Bitcoin’s rally can be attributed to more whales accumulating bitcoins over the last few days. Crypto analyst Ali Martinez noted in an X post a few hours ago that bitcoin whales increased their asset accumulation. While citing data obtained from Glassnode, he pointed out that the number of bitcoin wallets holding over 1,000 tokens (roughly $44 million) rose to a multi-month high of 73.
Prior to Wednesday’s rally, Bitcoin has been underperforming in recent weeks. Cryptocurrency exchange Bitfinex pointed out earlier this week that increased selling by miners could have been a reason why BTC prices were pressured recently.
Bitcoin’s rally has seen the broader crypto market perform excellently. Ether, the second-largest cryptocurrency by market cap, is now trading above the $2,400 level again.
Solana has crossed the $100 mark after adding 5% to its value in the last 24 hours. Thanks to the latest rally, the total cryptocurrency market cap has jumped to $1.7 trillion, up by 3% in the last few hours.
