The cryptocurrency market is down nearly 20% from its top in October as the overall market cap slumped from $3 trillion to $2.53 trillion. Barring a few tokens, especially metaverse tokens and gaming tokens defied market trends. However, top cryptocurrencies be it Bitcoin (BTC) or Ether (ETH) all were trading in red.
The ongoing market correction has also instilled fear among Bitcoininvestors who were hopeful of a bullish final quarter after the May-June market crash. The fear and greed index which was at “Extreme Greed” level at the start of the month has sharply fallen in the “Fear” catogery.
The current market downturn is being attributed to the recent approval of the controversial Infrastucture bill and another wave of crypto crackdown in China. Amid growing fear in the crypto market, one Bitcoin whale has managed to attract a lot attraction over the past couple of weeks. The whale in question is believed to be have aced crypto market tops and bottoms in the past with their buying and selling pattern. The same BTC whale has accumulated over 4,000 BTC over the past week, which is a highly bullish sign.
Feeling bearish as we are on support before weekly close?
The single biggest non-exchange Bitcoin wallet added over 4k BTC during this dip.
And he has a good track record of nailing local tops & bottoms.
Whoever that is, they know what are they doing.
Do you? pic.twitter.com/Ug5DT5b10m
— Bloodgood (@bloodgoodBTC) November 19, 2021
Bitcoin Whale in Possesion of Biggest Non-Exchange BTC Wallet
The Bitcoin whale is in possession of the biggest non-exchange Bitcoin wallet and has been on a buying spree during the current market correction. Tracking whale activity has been one of the biggest market tend indicator, and looking at the growing accumulation along with their past record many market pundits belive traders should be following on the same footsteps instead of panicking.
Bitcoin is currently trading just above $57K with a 3% loss over the past 24-hours and over 10% loss in the past week. The market volatility has come back to haunt the crypto market again, however, people need to realise that the same volatility often helped them to make 10X on their investment in just couple of months.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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