Bitcoin is enjoying a remarkable period of stability, with its price moving by less than half a per cent between Tuesday and Wednesday.
This takes its week-on-week gains to just 0.1 per cent, as it continues to consolidate at the start of July. The cryptocurrency’s price has stayed within the $33,000 to $36,000 range since the end of June and remains just below $35,000 this morning.
Other leading cryptocurrencies, including Ethereum (ether), dogecoin, and Cardano (ada) have seen a similar stint of stability in recent days, though current trends suggest price gains could be on their way.
The latest crypto market data from analytics firm Glassnode shows that there has been a significant uptick in so-called whale accounts, which is typically a bullish signal.
An increase in crypto whales – addresses holding more than 1,000 bitcoins – occurred in tandem with the record-breaking run that took bitcoin to its all-time high above $64,000 in April.
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