Bitcoin hits new milestone, $665.3 million worth BTC transferred in largest transaction in 2024
- Bitcoin’s three of four largest transactions in 2024 occurred on Tuesday, $665.3 million in BTC was transferred.
- A total of 42,870 BTC was moved within an hour, the highest movement in nearly six months.
- ProShares filed for five leveraged and inverse Bitcoin Exchange Traded funds, on Tuesday.
Bitcoin sees a spike in large transactions in 2024. BTC’s three of four largest transactions occurred on January 16. Bitcoin traders moved 42,870 BTC in one hour, the highest hourly movement recorded in six months.
Also read: Bitcoin price rally unlikely as BTC price ranges below $43,000, SEC Commissioner comments on ETF approval
Daily Digest Market Movers: Bitcoin transactions worth $665.3 million recorded on January 16
- Bitcoin ETF approval ushered an increase in large volume BTC transactions on the chain.
- On-chain data intelligence tracker, Santiment, observed that three of four largest BTC transactions in 2024, occurred a few hours ago on Tuesday, January 16.
- The largest transaction in 2024 was a BTC transfer worth $665.3 million.
- Santiment recorded the transaction between 3 PM and 4 PM UTC on January 16.
- This move also marked the highest hourly movement on the Bitcoin network, yet another record for the asset.
Bitcoin sees 3 of 4 largest transactions of 2024. Source: Santiment
- ProShares, a BTC ETF issuer filed prospectus materials for five leveraged and inverse Bitcoin Exchange Traded Products (ETPs). Within days of Spot Bitcoin ETF approval, the issuer is keen on offering leveraged and inverse BTC securities products, supporting a thesis of rising demand for BTC among market participants.
Technical Analysis: Bitcoin price fails to breach resistance zone, BTC likely to remain rangebound
Bitcoin price failed to breach the bearish imbalance zone between $43,500 and $45,600, as shown in the chart below. BTC price remained rangebound below $43,500 on Tuesday and declined to $42,810 on Wednesday, at the time of writing.
BTC needs to break through the resistance zone and present a daily candlestick close above the $45,600 mark to break out of the rangebound price action. BTC is currently above its two long-term Exponential Moving Averages (EMAs) at 50 and 200-day, $42,154 and $35,070, respectively.
BTC/USDT 1-day chart
A daily candlestick close below the 50-day EMA at $42,153 could cement the downward trend of the asset, quashing hopes of a recovery in the short term.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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