Cryptocurrency Market Update: Bitcoin whales massively accumulating, Ethereum and Ripple commence consolidation – FXStreet

Posted: May 7, 2020 at 1:41 pm

Bitcoin price has been steady in its recovery since the Crash to $3,800 on March 12. Last week, the largest cryptocurrency by market capitalization made it above $9,000 and even closed in on $9,500. It goes without saying that despite the Coronavirus-triggered market crash, Bitcoin has been performing incredibly well in comparison to traditional market assets such as gold, stocks and oil.

Bitcoin has drawn closer to its third halving. The event, discussed far and wide in the industry will ensure that the reward miners get per block mined is reduced from 12.5 to 6.25 BTC. Halving is set to significantly cut the supply of new coins entering the market. While supply narrows, demand is set to remain the same or even increase. For this reason, investors across the board are anticipating a rally in the price of Bitcoin. The past two halvings saw Bitcoin hit new all-times highs and if history repeats then this halving could push Bitcoin not only above $10,000 but also to new levels past $20,000.

Also read: Bitcoin Price Analysis: BTC/USD surge to $10,000 pre-halving imminent? Confluence Detector

Bitcoin whales appear to becoming coming back following the devastating slump in price in March. The data by Glassnode indicates that the number of Bitcoin wallets with 1,000 BTC or more have seen an upsurge in the last couple of months.

The growth in the number of whales is attributed to the halving event in four days. However, some analysts argue that this could be a perfect way of making a squeeze on the halving day which could also result in a crash.

Ethereum price has recovered by over 56% since the crash on March 12. On the upside, a recent high marked the end of the incredible surge. Meanwhile, support has been established at $195 with $200 standing out as a critical zone as well. At the time of writing, Ether is valued at $206 and battling the selling pressure at $210. The short term goal is to clear the hurdle at $220 while the main goal is trade above $300 in the medium term.

Read more:Ethereum Price Analysis: ETH/USD shoots above $200 ahead Bitcoin halving triggered breakout to $300

Ripple, on the other hand, the other is trading 58% higher from the lows posted in March. The new April highs at $0.2350 is now the main resistance. Farther upwards, $0.24 is home to a great deal of bearish pressure. Other resistance zones that must come out of the way include $0.25, $0.28 and $0.30. On the downside, initial support lies with $0.21 ahead of the next target at $0.2050.

Read more:Ripple Price Analysis: XRP/USD delays triangle breakout, retests key support at $0.21

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Cryptocurrency Market Update: Bitcoin whales massively accumulating, Ethereum and Ripple commence consolidation - FXStreet

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