Crypto markets have seen a significant rally in recent days, with#Bitcoin(BTC) recovering some of its earlier losses, cheering investors and boosting optimism. However, despite this recovery, there is still clear selling pressure casting a shadow over the market.
According to CryptoQuant CEO Ki Young-joo, the pressure is mainly coming from “old whales” who have been holding large amounts of Bitcoin for a long time. These whales typically make their sales via high-volume over-the-counter (OTC) transactions or through major exchanges. While these moves are impactful, Ki Young-joo noted that they have so far not changed the overall market trend.
It is worth noting that the United States still leads the list of the largest sources of Bitcoin purchases. However, the daily premium on the Coinbase exchange has fallen to its lowest levels in the past two years, which is an indicator that requires attention.
Despite the volatility of whales, Bitcoin still holds its position as a major market driver. However, there are growing expectations that altcoins could make a major breakthrough this year. As Bitcoin recovers, some altcoins such as BNB, Solana, and XRP have surged significantly.
Of particular interest is the extraordinary performance of XRP, which has overtaken Tether to become the third-largest cryptocurrency by market capitalization. This achievement highlights a fundamental shift in market dynamics, with analysts predicting that Bitcoin’s dominance could begin to wane in the coming weeks.
Despite the recovery, caution remains, especially as Donald Trump’s inauguration approaches. His previous promises to make Bitcoin part of the US strategic reserve have raised questions. However, Ki Young-joo pointed out that achieving such a goal would be extremely complicated due to the intertwined relationship between Bitcoin and the US dollar.
In conclusion, while the market is showing signs of recovery, investing in cryptocurrencies remains risky. Between whale movements and political changes, the markets remain vigilant and on the lookout.
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