The world’s biggest cryptocurrency by trading volume is back at $6,300 after an interesting week of highs and lows. As the charts show, the past week was marked by increased trading interest which took the market from being bullish to bearish and then bullish again as investor sentiment changed. But one thing is for certain, there was no major sell-off by the mysterious Bitcoin whale we talked about a while back, even though the idea of such a trade caused some selling panic on the market throughout the past days.
While we’re on the subject of whales, an interesting research recently appeared online that shows just how much Bitcoin is controlled by a small number of big-time investors. As reported by the Next Web, over half of the current supply of BTC is in the possession of Bitcoin whales and around 42% of these whales never sold a portion of their investments during the height of the Bitcoin craze last year.
Based on research from Diar, TNW report that less than 1% of Bitcoin wallets hold around $100 billion worth of the cryptocurrency, while over 50% of Bitcoin coins are held by addresses with a balance that surpasses 200 Bitcoins (app. $1.26 million). Furthermore, a quarter of all Bitcoins are kept in wallets created before the 2017 price surge and haven’t even been used for any outgoing transactions.
Buyers Return to Trade
Bitcoin’s price once again fluctuated greatly during the past seven days since our previous update, rising at first before falling down again and then climbing back soon afterwards. During this time, the price hit a peak on Friday morning when it reached a value of $6,579.08, while during the lowest point it hit a value as low as $6,265.71.
Peaks in trading volume accompanied the sudden price changes, indicating it was a mutual effort that helped push the price up and down. Since this morning, the 24-hour volume is at $4.37 billion and rising (signaling room for change), while the market cap is at $110 billion.
Our technical analysis shows the market is bullish, with 6 out of 12 oscillators and 8 out of 12 moving averages sending buying signals. The SMA 100 is over the SMA 200, signaling there’s less resistance on the upward path. If the bullish trend continues, a move towards $6,900 could be coming, although with some notable bearish pressure left the price may also just consolidate.
Bitcoin Cash Future Threatened by Split
Bitcoin Cash – Bitcoin’s offshoot cryptocurrency that was created via a fork split last year – is ironically being threatened by an imminent fork, Bloomberg reports. According to the news update, the split is to be initiated due to a disagreement of two of the biggest miners of Bitcoin Cash: Bitmain Technologies and Coin Geek.
Reportedly, at the center of the dispute are gambling tycoon Calvin Ayre, who is at the helm of Coin Geek, Bitmain’s founder Jihan Wu, and two of the biggest supporters and promoters of BTC, Roger Ver and Craig Wright – the self-proclaimed inventor of Bitcoin. The argument is over an update of the BTC blockchain which would change how transactions are ordered – a change that was known long before and scheduled for November 15th.
In support of the change is Bitmain while at the other end of the debate is Calvin Ayre who is planning a different upgrade called Bitcoin SV (Satoshi Vision). If an agreement isn’t reached beforehand, it will lead to the creation of two Bitcoin Cash coins which could cause confusion on the market and damage to the cryptocurrency’s price.