von • Bitcoin (BTC) is trading 1.4% up at a price of $23,050 and a market cap of $443 billion.
• Aptos led the rally in altcoin space jumping by more than 40% in a day amid huge whale accumulation
• CryptoQuant CEO Ki Young Ju noted that Bitcoin has entered an early bull phase
Bitcoin is soaring once again, with the world’s largest cryptocurrency breaking the $23,000 mark for the first time in weeks. The bullish sentiment has been further bolstered by altcoins joining the rally, with Aptos leading the charge by jumping by more than 40% in a single day. The surge in prices can be attributed to the huge whale accumulation in the market, along with the confidence of investors that Bitcoin has entered an early bull phase.
CryptoQuant CEO Ki Young Ju shared his opinion on the current state of the market, noting that most investors are still underwater, but the selling pressure is unlikely to resume due to the current price level. He further added that Bitcoin whales have been holding onto their supplies despite the recent price surge, which is a positive sign for the market.
The current Bitcoin rally is taking place against the backdrop of increasing institutional interest. With more companies investing in the cryptocurrency, the demand for Bitcoin is expected to increase in the coming months. This, in turn, could drive the price of the asset even higher, making it a lucrative investment option for investors.
The rally in altcoins is also an encouraging sign, and it could be a precursor of a larger rally. Aptos has been leading the charge, but other altcoins have been rising as well. This could be an indication that the market is finally starting to recognize the potential of altcoins, and that investors are beginning to take them seriously.
Overall, the Bitcoin rally is a positive sign for the market, and it could pave the way for a larger and more sustained bull run. With more institutional investors entering the market, the demand for Bitcoin is expected to increase in the coming months. This could be a great opportunity for investors to make some profits, as long as they are willing to take some risks.
