The market whales’ purchasing 60,000 bitcoin units has led the cryptocurrency to cross $35,000 levels over the weekend.
The move led to the largest rise in the daily accumulation of the cryptocurrency during the current year 2021.
Bitcoin managed to post gains over the weekend, for the first time in weeks.
The cryptocurrency was up more than 5% on Saturday and Sunday, before falling again on Monday. One of the main reasons for Bitcoin’s rally over the weekend is due to increased buying from the market whales.
Bitcoin whales are investors who own from 10,000 to 100,000 Bitcoins each. They represent about 2% of the total number of dealers in the cryptocurrency market, but they acquire the largest share.
According to Santiment, a block chain analytics firm, whales bought 60,000 bitcoins in a single day. This is the highest daily rise in 2021, according to Yahoo Finance.
Bitcoin whales hold about 9.12 million bitcoins in total. Data indicate that the whales have accumulated more than 100,000 bitcoins in the past six weeks alone.
The cryptocurrency had been hovering around $34,000, according to trading on Tuesday.
Last week, Bitcoin saw a 5.44% rise to $36,361.69, adding $1,874.58 to its previous close.
The world’s largest and most famous cryptocurrency, Bitcoin, has jumped 31.1% from its lowest level this year of $27,734, which it plunged to on January 4.
Ethereum’s surge
Ethereum, the second largest digital currency, rose 6.53% to $2,218.39, adding $135.93 to its previous close.
Bitcoin halved from its record high near $65,000 in April, affected by the crackdown on the cryptocurrency in China.
This has led to tighter regulatory oversight in other countries and concerns that servers that support virtual currency are consuming too much power.
The possibility of reducing the emergency stimulus, amid the recovery from the pandemic, also emerged as a potential obstacle to most speculative investments, Bloomberg said in a report.
