Bitcoin and Altcoins rise
Bitcoin continues its price increase and has now overcome important resistance. During this price rise, the popular Bot Whale Alert on Twitter has been knocked out when a $1 billion transaction was made in BTC.
The last few hours have been just crazy for the crypto market. Prior to the huge rise, which drove the price up to $8,850 in just a few hours, Bitcoin on Bitstamp was trading around $8,100, a 7.5 percent increase.
In addition, one particular user has seen a massive transaction of 124946,622 Bitcoin, representing approximately 0.7 percent of all Bitcoin mined to date. Converting this number into Fiat at an exchange rate of $8,700 per Bitcoin, this represents 1.08 Bitcoin. The user also indicates that it comes from a Bitfinex cold storage address. However, the recipient is unknown.
Incredibly, this transaction was remitted for 0.00964 BTC, which is about $84 at this point. Once again, this shows that the Bitcoin is number one here as a full e-cash system, since no central authority had to be involved in any way.
With the rise of Bitcoin, the rest of the market has also gone up. Most Altcoins have also gone green. Probably the biggest winner is Bitcoin SV (BSV), which recorded a 100 percent increase and thus reached a new all-time high of 413 US dollars.
Other coins were EOS with 20 per cent and made it over USD 4 for the first time since September 2019. Litecoin 15 percent with a value of 60 USD, which LTC has not reached since November.
Bitcoin Cash and many Privacy Coins also rose well. In total, the total market capitalization has also increased by almost 10 percent, in Fiat terms from USD 216 billion to USD 237 billion.
Whether this transaction was the trigger for this increase is unclear.