Journalist
Posted:
- Major transactions for Bitcoin and Ethereum increased by 80% and 170% respectively.
- BTC and ETH have maintained their new price ranges despite declines.
The current upward trend of the crypto market has attracted the interest of major investors and institutions. According to a report from IntoTheBlock, there has been a significant increase in the volume of Bitcoin [BTC] and ether [ETH] transactions over $100,000.
Institutional and whale demand have surged, with Bitcoin seeing an 80% increase in transaction volume over $100,000, Ethereum 170% and Polygon over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA
— IntoTheBlock (@intotheblock) November 11, 2023
The data in the tweet above indicated an 80% increase for BTC and a 170% increase for ETH. This suggested an increase in demand from institutional and large-scale investors as the prices of BTC and ETH rose.
The increased interest from these groups increased transaction volume. It also had the potential to further influence price developments.
An analysis of Bitcoin and Ethereum’s major transactions
AMBCrypto took a closer look at the Whale Transaction Counts for Bitcoin and Ethereum, which showed increased activity for both coins. In case of Ethereumthe chart for November showed consistent spikes in transactions, which topped 1,900 on November 9.
This statistic rose to 1,400 on November 10, a number last seen in August. At the time of writing the number was approximately 576.
Source: Santiment
Bitcoins The chart for November indicated a similarly active period. Strikingly, the number of large transactions has continuously exceeded 3,000 since about November 8. It reached a new peak on November 10 and maintained a level above 3,000 on November 11.
At the time of writing, the number of Bitcoin transactions stood at approximately 582. This underlined IntoTheBlock’s observations and highlighted the increased involvement of major wallets and institutional players in these markets.
Source: Santiment
BTC and ETH maintain new price ranges
At the time of writing it is Bitcoin saw a decline of less than 1%, with press time values hovering around $37,100. This followed a similar trend at the end of the trading session on November 11, where it closed with a loss of less than 1%, at $37,228.
Fortunately, these setbacks were not enough to disrupt King Coin’s ongoing bullish trend. At the time of publication, the price maintained a position above the short-term average, indicating strong price movement.
Source: TradingView
Read Bitcoins [BTC] Price prediction 2023-24
Likewise, Ethereum also suffered a small loss of less than 1% and was trading around $2050 at the time of writing. During the previous trading session, it suffered a loss of more than 1%.
Nevertheless, ETH remained within a bullish trend, as evidenced by the Relative Strength Index (RSI) line.