February 23, 2024

Acceleration Hits Crypto Whale Movements as Transfer of 40 Million Coins Occur in XRP Wallet

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.

Ethereum

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.

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