Bitcoin Price and Those 4 Altcoins Revitalized: Whales Are on the Move!

Overnight, Bitcoin price witnessed a triumphant comeback as it surpassed the $44,000 level and touched a four-week high. This bullish wave can be attributed to a combination of factors that paint a brighter picture for the crypto market. Here are the details…

Bitcoin price affected by whale movements

Bitcoin (BTC) hit a four-week high on Wednesday, surging above $44,000 as major holders increased BTC accumulation and U.S. stock indexes reached all-time highs. The largest and oldest crypto by market cap rose from $42,700 to $44,300 earlier in the day. Spot Bitcoin reached its highest price since January 12, a day after exchange-traded funds (ETFs) began trading in the US.

#Bitcoin whales are accumulating more $BTC! Around 73 new whales now hold 1,000 #BTC or more, marking a 3.66% increase in two weeks. pic.twitter.com/VFArJYTQZl

— Ali (@ali_charts) February 7, 2024

After a period of miner-driven selling pressure, the tide appears to be turning. Analysts such as Ali Martinez have observed a significant increase in Bitcoin accumulation by major investors, manifested by an increase in the number of wallets holding more than 1,000 tokens. This renewed whale activity reflects the broader narrative of institutional adoption gaining momentum, further supported by the recent launch of spot Bitcoin ETFs in the US.

There is an increase in the stock markets

The positive sentiment wasn't just limited to the crypto space. US stock indices continued their rise; The Dow Jones is nearing a record high while the S&P 500 is flirting with an all-time high. This risky environment in traditional markets probably encouraged investors who wanted to turn to riskier assets such as Bitcoin. The positive sentiment has extended to the second-largest cryptocurrency, Ethereum (ETH). ETH's rise, which surpassed the $2,400 level for the first time in two weeks, was fueled in part by renewed optimism surrounding spot Ethereum ETFs. Recent changes to Ark Invest and 21Shares' joint filing to align it with approved Bitcoin ETFs point to potential future regulatory approval and further add to the positive outlook.

### Some altcoins contributed to the rise

The upward wave was not limited to Bitcoin and Ethereum. The broader Ethereum ecosystem has also witnessed positive price movements in scaling network tokens such as MATIC, OPT and ARB, as well as liquid staking protocol Lido's LDO. These gains highlight growing investor interest not only in ETH itself, but also in projects aimed at expanding its capabilities and utility.

While the current outlook seems positive, it is crucial to remember that the crypto market is inherently volatile. External factors such as regulatory developments and geopolitical tensions can trigger sudden shifts in investor sentiment. Therefore, it is very important to be careful, conduct thorough research and maintain a diversified portfolio before making any investment decisions.

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