Bitcoin (BTC) started the New Year on a positive note, climbing around 1.5% in the past day to $96,700, recovering from last week’s dip.
Bitcoin (BTC) price showed a positive sign to begin 2023, displaying a gain of around 1.5% over the past day to reach $96,700 on Monday morning. This slight increase offered some respite from the coin’s dip last week.
However, despite this rebound, selling pressure appears to be persisting, as CryptoQuant founder Ki Young Ju attributed the selling to older Bitcoin whales. According to Ju, these large holders are offloading via high-volume OTC trades and exchange deposits.
Interestingly, Ju noted that these actions by older Bitcoin whales are unlikely to lead to a major market crash.
Meanwhile, interest from institutional investors, particularly in the U.S., seems to be waning. This is evident from the Coinbase Premium hitting a two-year low, as highlighted by Ju. He further added that a recovery in this metric will be crucial for BTC’s next move up.
On the other hand, the broader market is experiencing growth across top altcoins, with XRP even overtaking Tether to become the third-largest cryptocurrency. This shift in rankings highlights the changing dynamics in the crypto market.
According to several analysts, Bitcoin dominance is expected to decrease in the coming weeks, as altcoins continue to gain momentum.
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