Bitcoin (BTC) has been a strong entity in the market. It continues to command respect from alternative coins due to its dominance. The story seems to be changing now. The recent whales’ voluminous transfers were unable to negatively impact the price growth of Bitcoin Cash (BCH) and Bitcoin SV (BSV) as both continue to break resistance levels against all odds.
Bitcoin Whales’ transaction has not been this consistent. The impact of the huge transfers made a couple of hours ago is still very glaring on the cryptocurrency market.
As mostly expected, other top digital currencies kept dumping price as soon as Bitcoin (BTC) experienced the devastating price deficit.
It was earlier reported by Today’s Gazette that a Bitcoin Whale ordered a huge transfer of more than 25,000 BTC from an unknown address to Coinbase wallet.
This major transfer left Bitcoin and other top digital currencies in bad shape. As soon as the unknown whale made the transfer, BTC dumped over $600 of its market value.
Bitcoin Whale made a Buyback After BTC Price Went Plummet
Bitcoin whales continue to exhibit their domineering power on the market. Some hours after the dump was done, and Bitcoin underwent major price correction, report had it that another transaction of 25,000 BTC was made from Coinbase to two unknown wallets.
These back and forth transfers were seen as manipulative and calculated activities by the Bitcoin whales, taking the advantage of the volatility nature of the market to accumulate gains for themselves. This particular whale reportedly accrued about $10 million within few minutes.
Another Bitcoin Whale Transaction of 32,352 BTC Recently Hinted
The crypto market was still getting over the shock of the price plummet, which came as a result of the aforementioned whales’ activities. Few hours later, another whale’s huge transaction reportedly took place.
The sum of 32,352 BTC which is $252,552,976 at press time, was transferred from an unknown address to another. This transaction took place on 4th June, 2019 at 17:17:38 UTC.
However, the effect of the transfer is not significantly obvious on the market, due to the mode of transaction. Bitcoin (BTC) is still changing hands below $8,000, while some top digital currencies struggle with it.
Bitcoin Cash (BCH) and Bitcoin SV (BSV) Remain Resolutely Strong despite Bitcoin’s Dumps
Bitcoin Cash (BCH) and Bitcoin SV (BSV) have been experiencing consistent price growth in the market, despite the significant price drop of the largest cryptocurrency, Bitcoin (BTC).
Bitcoin Cash recently surpassed $400 resistance level, and its recent price growth consistency is a hint that it would keep breaking more resistance levels. At the time of filing this report, Bitcoin Cash (BCH) is trading at $409.56, with 3.55% price increase in the last 24 hours.
Bitcoin SV (BSV) is presently the 8th largest cryptocurrency by market cap, and it is presently trading at $227.66, with 3.58% price upsurge in the last 24 hours. These two digital assets keep distancing themselves from the dominance of Bitcoin (BTC) through their recent display. No one knows how long this would last.