Crypto market recovers and Bitcoin consolidates above $50k amid rising ‘whales’ accumulation
Last week ended on a very low note for the crypto market as the majority of cryptocurrencies nosedived to months' lows. Bitcoin for example slid below $45,000 raising fears that it could go to the 30K region if the bears continued.
Ethereum on the other hand tried to remain strong although traders were also not very confident since Bitcoin seemed to pull a majority of the altcoins down with it.
However, after the brutal sell-off towards the end of last week, the world’s largest cryptocurrency Bitcoin has shown a healthy bounce back gaining 5% yesterday (Tuesday) to surge above the $50K level.
Generally, the crypto market has started climbing up though at a slow pace. Monday seemed to mark the end of the drastic market fall. On Tuesday, the majority of the crypto coins were in the green and most of the coins are still in the green today (Wednesday) while others including Bitcoin (BTC) and Ethereum (ETH) seem to be trading sideways.
The crypto market recovery is being attributed to ‘whales’ accumulating digital assets after the price fell sharply; which is a sign that they have confidence the market will do well in the future. And that future could be soon.
Whales accumulation
Ethereum blockchain data, for example, shows that the largest whales accumulation took place during the recent crypto market drop.
Besides accumulating ETH and altcoins, the world’s top Ethereum whales are also stocking up meme coins like Shiba Inu (SHIB) and trending metaverse tokens
According to reliable sources, wealthy crypto investors acquired about $8.4 million worth of Ethereum (ETH), $2.5 million worth of FXT token (FTT), $2 million worth of USD Coin (USDC), $1 million worth of Shiba Inu (SHIB) and $500K worth of Gala (GALA) tokens.
The other coins that whales are rashing to accumulate include the Binance stable coin (Binance USD), Decentraland (MANA), Wrapped Bitcoin (WBTC), and Serum (SRM).
We have also seen large institutions like Microstrategy add more bitcoins (BTC) to their balance sheet during the market fall.
