The recent surge in whale transactions has the potential to increase BTC prices. An analyst reported that a particular whale accumulated 24,755 BTC valued at $1.68 billion between March 1 and April 15, with an average purchase price of $68,051 per Bitcoin.
Large-scale transactions can significantly influence the crypto market, particularly as Bitcoin whales hold substantial sway given the coin’s dominant position in the broader crypto market, where it holds over 50% dominance. On the market front, Bitcoin’s price recovery has slowed down, with the asset gaining 1% in the last 24 hours to trade at $63,520 after a period of decline.
Ethereum, which had been trading close to its support trendline within a symmetric triangle pattern, appears to be sparking bullish sentiment in the market. Although ETH has corrected by 32% from its yearly high of $4,094, it still maintains a positive year-to-date outlook of more than 75% and was among the few high-cap cryptocurrencies to stay in the green over the weekend.
ETH is currently at its highest point in the last 7 days, with analysts hinting at an incoming bull run given the coin’s underlying indicators. It has seen a 7.1% uptick in 24 hours and a nearly 28% increase this week.
Despite retracements, the meme coin Pepe has shown resilience and could continue its upward trend in the coming weeks, supported by its strong trading volume and market interest. In conclusion, Bitcoin, Ethereum, and Pepe are key cryptocurrencies to monitor this week as they navigate through market fluctuations driven by whale activity and market sentiment.
