Interest in Bitcoin by Whales and Retail Traders Hit Yearly Highs

Interest in Bitcoin by Whales and Retail Traders Hit Yearly Highs

Bitcoin (BTC) has been on a bullish roll since early October, which has seen the cryptocurrency break several yearly highs. The most recent bull rally took the benchmark cryptocurrency to the edge of $19,000, almost doubling its price in just under two months.

Such performance from any asset class attracts investors in their thousands, and it is no different in this case. According to Santiment, a data analytics firm, whale accounts containing 10,000 BTC and above have increased to 114 as a result of the recent bull run. With BTC currently trading around $18,300, it means all 114 of those accounts have $183 million or more worth of BTC in holding.

Meanwhile, the number of accounts holding between 1,000 and 10,000 BTC has also increased significantly. Santiment reported that the number stands at 2,449, a new all-time high.

Apart from large crypto wallets, retail accounts have also seen a significant spike. According to data from Google Trends, searches for “buy Bitcoin” globally jumped to a yearly high last week.

Despite the impressive numbers, data suggests that there’s still ample room for increase. While interest in the cryptocurrency has been on the rise, it is still yet to reach the numbers recorded in late 2017 and early 2018.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — November 23

Bitcoin has just recorded a significant leg down in recent hours, indicating that it has eased the mounting pressure a bit. That said, we expect a fresh burst to the $19,000 once again as the cryptocurrency remains on its journey to recording a new all-time high.

Meanwhile, our key resistance levels are at $18,900, $19,500, and $20,000. While our key support levels are at $18,000, $17,635, and $17,000.

Total market capital: $548 billion

Bitcoin market capital: $340 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.