Yesterday, the blockchain research company Santiment (@santimentfeed) reported that a transaction involving $1 billion worth of Bitcoin (BTC) had been launched. As stated in the tweet, this transaction is reportedly the most significant Bitcoin on-chain transaction of the year.
🐳 A $1B #Bitcoin transaction has been sent to 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6. This is the largest $BTC on-chain transaction of the year. The address held a high of 143,310 $BTC in October, was emptied out in November, and is now back to 40,141 $BTC. https://t.co/l9K3Qu8J2M pic.twitter.com/1yVJpKqjPK
— Santiment (@santimentfeed) March 16, 2023
According to the conclusion reached in the tweet, the address that had received the transaction had held a total of 143,310 BTC at its peak in October of the previous year, but it had dropped to 40,141 BTC after being emptied in November.
BTC poised for a bullish trend, according to Altcoin Sherpa
Meanwhile, a cryptocurrency trader named Altcoin Sherpa (@AltcoinSherpa) tweeted this morning that Bitcoin Cash is almost ready to form a bullish 1D exponential moving average trend. A positive 1D EMA trend has not been seen in the market since November 2021, according to the comment made by the trader.
$BTC: I want to reemphasize that we have not seen a bullish 1D EMA trend since November of 2021.
We just about have one now.
We also haven't seen a 1D close above 25k since June 2022.
We could see that today.
— Altcoin Sherpa (@AltcoinSherpa) March 17, 2023
The dealer hoped today to see Bitcoin (BTC) achieve a 1D close of over $25,000, which has not occurred since June 2022. If this scenario played out, the trader predicted that Bitcoin would rise to $30,000.
As of this writing, the price of the leading cryptocurrency on the market has increased by 6.92% over the last 24 hours and is now trading at $26,585.25. According to CoinMarketCap, this has contributed to the cryptocurrency’s already dominating price performance over the previous week, bringing its total weekly rise to 34.16%.
BTC dominance strengthens as market cap surges past $500B
At the time of this writing, the total market valuation of BTC was projected to be about $515.56 billion. Because of recent growth in its market capitalization, Bitcoin (BTC) has increased its share of the cryptocurrency market to 44.88%, marking a daily rise of 0.68%.
During the last twenty-four hours, the value of BTC has increased by 1.82% compared to Ethereum (ETH), the top alternative cryptocurrency. At the moment, 1 Bitcoin is equivalent to 15.13 Ether. Last but not least, the price of bitcoin is getting closer to its 24-hour high of $27,002.39, although it hit a daily low of $24,624.74 earlier.