Bitcoin Whale Transactions of at Least $1M Up by 743%; DOT, Solana, HOT, THORChain Hit New All-Time Highs

Bitcoin showed signs of recovery earlier in the week and briefly hit $60,055 on Friday. Trading marginally down at a present price of $58,771 and a 7-day gains of 5.50%, analyst Filbfilb believes there are still reasons to be bullish on Bitcoin price in the near term.

Historically, April has been a strong month for Bitcoin throughout the past ten years, recording positive gains for five consecutive years since 2016. Asides from this, analyst Filbfilb claims Bitcoin consolidation looks set to conclude. He noted that Bitcoin could suddenly breakout after a protracted period of consolidation and regression just like it did for the $20k resistance.

Bitcoin Whale Transactions, Courtesy: Santiment

Data from on-chain analytics, Santiment released on April 2nd indicated that the amount of Bitcoin whale transactions (which refers to at least $1M worth or more) has jumped from 229 per day in 2020, to a staggering 1,930 per day (as at the time of release). The analytics firm stated ”this is a pure reflection of BTC’s undeniable increase in utility”.

As long as Bitcoin’s utility continues to increase, the price of BTC would likely reflect the rising demand. Analysts indicate that Bitcoin’s uptrend in April may be threatened by Coinbase’s initial public offering (IPO) on April 14 which may unwittingly spark downward price pressure.

Polkadot, BitTorrent, Solana, HOT, THORChain Hit New All-Time Highs

Bitcoin may be consolidating but that has not stopped selected Altcoins from continuing their journey to new highs. Selected Altcoins such as TRON (+22.50%), DENT (+13.98%), Celsius (+13.48%), Helium (+ 10.50%) posted impressive performances in the last 24 hours while Polkadot (DOT), BitTorrent (BTT), Solana (SOL), Holo (HOT), THORChain (RUNE) rallied to new all-time highs.

THORCHain is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across a range of networks without losing full custody of their assets in the process.

Data shows that traders are easing back into DeFi as the top protocol register an uptick in transactions and total value locked. THORChain has been on a steady rise since Mar. 25, posting nine green candles within ten days. THORChain (RUNE) reached highs of $9.50 on April 3rd amid bullish trading.

Solana (SOL), a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions also rose to new all-time highs of $22.73 during Saturday trading.

Meanwhile, Bullish Predictions Stand Out for Altcoins in April:

Rekt capital, @rekt capital tweeted earlier:

We are at a stage in the Altcoin Market Cycle where many Altcoins are in the process of completing & breaking out from their macro U-Shaped formations. The next stage will be watching these same Altcoins rally into Price Discovery, in search of a new all-time High.

Image Credit: Santiment, Shutterstock