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BTC Whales Making Waves: Is a Pump or Dump on the Horizon?

source-logo  coinedition.com 21 November 2023 10:28, UTC

Data from the whale tracking platform Whale Alert indicated that multiple whales moved Bitcoin (BTC) to exchanges over the past few hours. Almost first thing this morning, a whale transferred 2,707 BTC tokens worth $101,620,813 from an unknown wallet to the Coinbase exchange.

🚨 🚨 🚨 🚨 🚨 2,707 #BTC (101,620,813 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ReSVTNs9UL

— Whale Alert (@whale_alert) November 20, 2023

Just a few hours later, another whale transferred 2,712 BTC tokens from an unknown wallet to Coinbase. In this case, the transferred BTC was worth approximately $101,661,213.

🚨 🚨 🚨 🚨 🚨 2,712 #BTC (101,661,213 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Zm1G6bGyMc

— Whale Alert (@whale_alert) November 21, 2023

An hour later, yet another undisclosed wallet sent 650 BTC tokens, equivalent to $24,294,303, to the Binance platform. Now, traders are stuck in a waiting game to see if these whales are going to pump or dump the price of the cryptocurrency market leader.

🚨 650 #BTC (24,294,303 USD) transferred from unknown wallet to #Binancehttps://t.co/d5115IZmZT

— Whale Alert (@whale_alert) November 21, 2023

So far, BTC’s price experienced a slight 0.58% increase over the past day of trading, according to CoinMarketCap. This meant that the cryptocurrency king was trading at $37,394.64 at press time after it was able to set a high price of $37,756.82.

The token’s intraday volume also saw a 46% uptick since yesterday, bringing the total 24-hour volume up to $20,695,462,092. BTC’s market cap also ended up climbing to $730,872,392,781. The weekly performance for BTC was pushed further up to +1.93% after its latest price climb.

BTC / Tether US 1D (Source: TradingView)

Interestingly, BTC also recently surpassed Ethereum (ETH) in terms of daily transaction fees. On November 20, BTC’s average daily transaction fee reached $10.34, while ETH’s average transaction fee stood at $8.43.

The increase in BTC’s transaction fees could be attributed to the increased activity related to the Ordinals Protocol, which facilitates the creation of assets similar to NFTs and BRC-20 tokens on the Bitcoin network. After a time of dormancy in September, October brought with it a surge in assets built on the Ordinals Protocol.

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