On the evening of Wednesday, February 15, the cryptocurrency market exhibited a surprising surge of more than 11%, which increased the value of investors' holdings by more than $100 billion in a matter of hours. Bitcoin (BTC), the most valuable cryptocurrency asset in the world, is now trading at 12% higher than its previous price of $24,941 and has a market cap of $481 billion.
The price of bitcoin reached a new high for the past six months thanks to the price pump that occurred the day before, which caught the bear completely off guard.
Recent Crypto Market Surge
BTC prices had broken above $24,200 for the first time since August 14, 2022, when they were last at that level. Any indication that more whales are being spotted could boost the confidence of the stakeholders even further.
It is interesting to note that Bitcoin (BTC) surpasses all other leading altcoins in percentage increases. Alt cryptos have been in the driver's seat relative to Bitcoin since 2023 began, with gains ranging from 50-70%.
According to a report by the on-chain data provider Santiment, there is a chance that whales and trading volumes will move back to Bitcoin. It stated that:
Bitcoin's price has increased to $22.9k, and around six hours ago, it experienced a great isolated price pump that propelled it ahead of the majority of the altcoin pack. Since January was the moment when alternative cryptocurrencies began to revive, you should keep an eye out for whales and trading volume shifting over to Bitcoin.
Bitcoin investors have seen returns of 50% for the year to date due to the recent price increase. "People forget that the free float of Bitcoin might be constrained at times," Cici Lu, founder of Venn Link Partners and a blockchain adviser, told Bloomberg.
BLUR Notices Massive Trading Activity
On Wednesday, February 15, the values of alternative cryptocurrencies rose along with those of Bitcoin. At the time of writing, the price of Ethereum (ETH), the world's second-largest cryptocurrency, has increased by 9% and is currently trading at $1,686. At the moment, ETH sees immediate opposition at $1,700.
There have been huge gains seen in other altcoins as well. The value of the Binance Coin (BNB) has increased by 6.62%, the value of XRP has increased by 3.39%, the value of Cardano (ADA) has increased by 4.65%, and the value of Polygon's MATIC has increased by 11.44%.
There is a significant stockpiling of MATIC reserves occurring in whales. Over the past month, whales have contributed more than 55 million MATIC coins to the pool.
Whales are still bullish on #Polygon! 🐋💰
— Ali (@ali_charts) February 15, 2023
On-chain data from @santimentfeed shows that large holders of 10-100 million $MATIC have bought 55 million #MATIC since January 16, totaling ~$60 million. pic.twitter.com/gk2Ce0xyDO
On the other hand, significant volumes were seen in the trading of BLUR, which is the native Token of the Blur NFT marketplace, on the very first day of trading. The volume of BLUR tokens traded twenty-four hours has nearly reached one billion dollars.
Following an initial drop of 85 percent upon its launch, the value of the BLUR token is currently resuming its ascent. At the time of this writing, the price of BLUR has increased by 13.5 percent, reaching $1.03.
