The Current Trend in the Crypto Market
As of November 13, 2023, the crypto market is experiencing an upward trend, drawing the interest of large investors and institutions. Notably, there has been a significant rise in the volume of bitcoin (BTC) and ethereum (ETH) transactions exceeding $100,000, as reported by IntoTheBlock.
Whale and Institutional Demand Increase
An analysis from IntoTheBlock revealed that bitcoin and ethereum have seen an 80% and 170% increase, respectively, in the volume of transactions exceeding $100,000. This suggests a rise in demand from institutional and large-scale investors, impacting the prices of BTC and ETH. The increased interest from these groups is boosting transaction volume and has the potential to further influence the trend of prices.
Upon closer inspection of the Whale Transaction Counts for bitcoin and ethereum, there has been increased activity for both coins. ethereum‘s chart for November showed consistent spikes in transactions, while bitcoin‘s large transactions have consistently exceeded 3,000 since around the 8th of November.
As of the writing of this article, bitcoin‘s price is hovering around $37,100, experiencing a decline of less than 1%. However, it has maintained a bullish trend, indicated by its position above the short-moving average. Similarly, ethereum is trading at around $2050, also undergoing a slight loss of less than 1% but remaining within a bullish trend.
In conclusion, the rise in large transactions for bitcoin and ethereum indicates a boost in investor confidence in the crypto market, particularly from institutional and large-scale investors. This increased activity has the potential to impact the trend of prices and could signify a positive outlook for both BTC and ETH.
### News source: eng.ambcrypto.com