The number of bitcoin whale – investors with a sizeable holding of Bitcoin and thus with an ability to influence the market – has jumped to highs alongside the recent price increases.
As of this Sunday, clusters of addresses held by a single owner holding a minimum of 1,000 BTC – was 1,939, the highest since 2016
The whale metric increased by 2.2% sincelast week, adding to bull pressures on the price of bitcoin.
The Bitcoin by market value rose by 13% last week to depict its best week since April.
The uptrend gathered momentum on Wednesday after PayPal announced its support for Bitcoin and prices reached 13-month highs above $13,300.
The number of whales has increased by 13% this year alongside a staggering 20% rise in the supply of US Dollar..
High net-worth individuals increasingly consider bitcoin as a hedge against inflation
Several top capital investors have disclosed bitcoin investments, providing a strong vote of confidence in the future of Bitcoin.
Billionaire Paul Tudor Jones believes bitcoin's rally is just beginning.
As per the technical indictors, Bitcoin is looking north, having cleared resistance with a weekly ending above $12,500.