Crypto News – The whale activity and social volume of Bitcoin have decreased dramatically over the last week, according to data from the market intelligence site Santiment. The decline occurred at the same time when the leading cryptocurrency saw a sharp decline on October 26 from $35,000 to about $33,000.
Volatility For Bitcoin Crypto Continues Even As It Stands At $34K
According to Santiment, there have been 3,731 individual trades of whale transactions, or trades involving at least $100,000 worth of Bitcoin, this week, a 53% decrease from the previous week. In a similar vein, there has been a notable 57% decrease in Bitcoin’s social engagement within the last week.
The overall supply of Bitcoin on exchanges, however, saw a minor increase. As of this writing, Santiment estimates that there are 1.12 million Bitcoins available across all exchanges. As a result, when the market moves into the “greed” zone, Bitcoin’s price-daily active addresses (DAA) divergence indicates a sell signal. The asset’s price DAA divergence is currently negative at 94.9%, according to Santiment.
As of this writing, Bitcoin is trading at $34,668, up 0.69% over the last 24 hours. With a $679 billion market capitalization, Bitcoin leads the market by 1.25%. The asset’s 24-hour trading volume has increased by 87.83% and is now above $16 billion.
It is Thought There Will Be a Pause in the Bitcoin Rally
Julio Monero, head of research at CryptoQuant, noted two noteworthy on-chain changes following the recent surge in the price of Bitcoin and suggested that the rally would stall. Trader aversion is caused by the month-end mood and the Fed’s rate decision.
With the rebound, the price of Bitcoin is still range-bound, and it is now trading around $34,668. $34,198 is the 24-hour low, and $34,831 is the 24-hour high. On the other hand, over the past day, trade volume has surged by 70.33%
Leave a comment