Cryptocurrency Price Surge: With each passing day, the renowned digital asset Bitcoin has defied psychological barriers, surging past the $70,000 mark and reaching an all-time high of $71,766. Its success sustains the broad trend in the market, propelling the progress of the altcoin sector further.
According to analytics firm Aan Chain’s data, in the past 1.5 days, a noteworthy move by a significant Bitcoin whale, identified as “3khjn,” has garnered attention from market observers.
During this period, this whale has withdrawn 4,192 BTC from Binance, valued at approximately $68,937 per bitcoin, totaling an astonishing $289 million.
As a result of this strategic move, the whale has pocketed over $10 million in profits. The impending accumulation near the temporary peak indicates cautious investors refraining from expecting a significant downturn in Bitcoin’s value, with expectations of a continuous rise towards $80,000.
Bitcoin’s value breaches $71,000, setting a new all-time high!
In the last 1.5 days, the recent move by 3khjn has reclaimed ~$68,937 (cost: $289m) worth of Bitcoin from Binance, now accruing over $10m+!
Amidst the ongoing recovery, Ethereum, Polkadot, and Chainlink exhibited remarkable momentum and displayed confidence in the market’s bulls.
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Ethereum (ETH)
Ethereum (ETH) cryptocurrency stands as a crucial blockchain platform, primarily known for its smart contract functionality, which has paved the way for decentralized applications (dApps), decentralized finance (DeFi), and non-fungible tokens (NFTs).
In terms of market capitalization, as the second-largest cryptocurrency, Ethereum aims to transition to a proof-of-stake mechanism through the Ethereum 2.0 upgrade to mitigate concerns of scalability and energy consumption, bolstering its position in blockchain innovation.
Also Read: XRP Price Analysis and XRP Price Prediction – XRP $1 Very Soon
According to the latest figures, Ethereum (ETH) is trading at $4,031 with a 3.88% increase over the past 24 hours, boasting a market capitalization of approximately $484.2 billion with a trading volume of $23.4 billion.
Recent surges have shattered the crucial resistance at $3,942, paving the way for further advancement. A potential resistance at $4,235 could be observed after the breakout, followed by $4,550. Conversely, feasible support might be found at $3,500 and $3,031.
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Chainlink (LINK)
Chainlink (LINK) operates as a decentralized oracle network aiming to connect real-world data with smart contracts across any blockchain. It serves as a trusted intermediary for hidden smart contracts, providing accurate off-chain data feeds into blockchain ecosystems.
Chainlink’s technology is crucial for decentralized finance (DeFi) applications, insurance contracts, and other use cases where reliable external data is essential.
As per recent data, with a trading volume of $1.3 billion and a market capitalization of nearly $12.5 billion, Chainlink is currently trading at $21.4. However, failing to break out from $21.7 resistance signifies a 1.07% intraday loss.
Chainlink’s price chart demonstrates a pattern suggesting consolidation, oscillating between support and resistance levels. A breach below $21.7 might find support at $19 and $17.5.
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Floki
Floki (FLOKI) is a cryptocurrency project inspired by the success of Shiba Inu and named after Elon Musk’s nickname. Its goal is to create a community-driven social media project leveraging its Shiba Inu branding to establish a robust online presence. Floki distinguishes itself through its inclusion in NFTs and educational platforms via Floki University.
Also Read: Top 4 Cryptocurrencies Under $1 for Explosive Growth in 2024
Floki’s token has seen substantial gains in recent memecoin rallies, surging by 740% from $0.000035 to $0.00027. Presently, Floki Inu’s price action indicates a retreat below $0.0003, suggesting a specific resistance zone for meme tokens.
With an intraday increase of 15.42%, Floki’s current market cap is $2.68 billion. Profit booking at Floki’s price could trigger minor corrections, enabling buyers to find potential support at $0.000212, followed by $0.000173.
Final Words:
As Bitcoin explores new territories in price discovery, altcoins have experienced a rapid recovery, amplifying their pace of growth. Ethereum, Floki, and Chainlink emerged among the top gainers in the cryptocurrency market, based on market capitalization, in the last 24 hours. This sustained recovery trend could offer new opportunities for long-term traders who have been waiting on the sidelines.
