Bulls Gain Confidence
Bullish traders return to the crypto race along with sufficient transactions in their hands. On the 1st of April, a top wallet holding XRP tokens carried out a transfer of up to 40 million tokens that are estimated to be worth more than $32 million all from an anonymous wallet to Bitstamp digital exchange.
While there was a jump in the crypto market capitalization by over $100 billion in the course of the past 48 hours, the transactions that carry at least a worth of a million dollars have also increased notably. According to Santiment, both Ethereum and Bitcoin witnessed a sharp boost in their transaction numbers over the last few days. The firm said that it can be observed if transactions were carried out when a position was making a profit or when it was at a loss. As observed since November, there were recorded three times more profitable transactions carried out as against those in a loss.
There was a much-needed uptick in the on-chain move for crypto whales while there was a market rally recently. Aside from the $32 million worth of XRP that was transferred last week, a lot of other crypto transactions in the realm of $100 million and over were equally seen in the course of the last 48 hours. An example is the movement of 3,000 Bitcoin assets estimated to be worth more than $138 million by a millionaire wallet address on Coinbase and moved to an anonymous wallet on the 1st of April.
As most of the latest large-scale transfers of crypto assets have been majorly looking out for Bitcoin, XRP, and USDT, there was also a significant rise in the activities of whales on the Ethereum blockchain. On the 31st of March, it was reported that an individual carried out a transaction where they transferred more than 35,000 ETH which was worth over $119 million all from Bitfinex, a platform that offers crypto trading services, to a wallet in an anonymous location.
The sudden surge in the price of Ethereum is playing a significant role in the increased movement of whale activities observed on the Ethereum blockchain. Due to the recent series of events, the dominance of Ethereum challenging Bitcoin is gaining a foothold.
In a further analysis by Santiment, Ethereum has been observed to be gaining a lot of price dominance that is challenging Bitcoin.