InstaForex

October 11, 2021

Bitcoin (BTC) Survives $ 56,000, Altcoins Just Flat

 Bitcoin (BTC) today showed a strengthening with the trading value at the time of this writing hovering at the $ 56,000 level.


Based on observations, investors made BTC sales on the Bitstamp exchange up to $ 40 million to cause a temporary decline in the BTC price of 8% to $ 51,011.


The dramatic movement of the BTC price however did not affect the performance of this asset on other crypto exchanges.


On the other hand BTC managed to hit a daily high value today, $ 57,068, the best performance since May 12 with a 29% jump in the first month of the fourth quarter.


At the same time most altcoins fail to follow positive Bitcoin movements. On average these assets only record flat prices either declining by less than 1% or more than 1% in 24 hours:



Shiba Inu (SHIB) jumped nearly 4% with a trading value of $ 0.00002753.

Ethereum (ETH) rose 0.39% to a current value of $ 3,601.70.

IOTA (MIOTA) traded at $ 1.50 with an increase of almost 4%.

On weekdays, whales still continue to collect BTC.


It is said that BTC addresses that own 100 to 1,000 BTC have collected 85,700 BTC starting late September. This observation also finds that whales assets have now reached 21.3% of the total current supply.


The record of successfully completed transactions on the Bitcoin network recorded an increase, soaring to the most recent day high on October 6, $ 31 billion. Indirectly, that number has increased 40 -fold since the beginning of 2020.


According to data from Coin Metrics, daily settlement volumes have declined with a record transaction of just $ 11.6 billion as of Oct. 10th.


While Bitinfocharts revealed the average value of transactions conducted on the Bitcoin network increased strongly over the 3 months, touching the $ 732,000 level, an increase of 273% since early July.