As outlined in our weekly crypto notice, the bitcoin (BTC) price has seen an almost 28% increase last week with an impressive hike over the weekend. The BTC passed the $7,000 mark easily and currently trades around $7,300. On Sunday the lead crypto shot above $7,500 and reached a
nine-month high. It then went back down below $6,900 and found its short-term ground around the $7,300 level with a corresponding market cap at $130 billion. What’s behind the strong weekend movement?
According to Forbes contributor Billy Bambrough it’s the crypto whales that pushed the market higher. They made some pretty big transactions, with the single biggest whale moving 47,000 bitcoin worth some $343 million, according to data from Whale Alert. Whales have traded around 100,000 bitcoin over the weekend, with a total value of some $670 million dollars. Most of the bitcoin whales have been moving their holdings out of major cryptocurrency exchanges.
Consequently, the soaring BTC contributed $25 billion to the overall crypto market capitalization since Friday morning, taking it over $200 billion of the first time this year.
