• Bitcoin (BTC) is trading 1.4% up at a price of $23,050 and a market cap of $443 billion.
• CryptoQuant CEO Ki Young Ju noted that Bitcoin has entered an early bull phase.
• Aptos led the rally in altcoin space jumping by more than 40% in a day amid huge whale accumulation.
The world’s largest cryptocurrency, Bitcoin (BTC), is currently seeing more buying interest as the price of BTC has recently spiked above the $23,000 mark. As of press time, the BTC price is trading 1.4% up at a price of $23,050 with a market cap of $443 billion.
CryptoQuant CEO Ki Young Ju has commented on the current state of Bitcoin and believes that the cryptocurrency has entered an early bull phase. According to on-chain PnL-related indicators such as MVRV ratio, most investors are still underwater. Ju believes that the selling pressure is unlikely to resume at these levels since no one would want to sell at a loss. He also mentioned that BTC whales have been holding their supplies and not moving them despite the recent price surge.
The current Bitcoin rally has also affected the altcoin space, with Aptos leading the rally by jumping more than 40% in a day. This was likely due to the huge whale accumulation in the altcoin.
Overall, the current Bitcoin rally appears to be very promising and is likely to continue for some time. This could be a great opportunity for investors to enter the market and take advantage of the current price surge. However, it’s important to keep in mind that there are still risks associated with the cryptocurrency market, such as contagion and macro risks, which may lead to more bankruptcies, M&As, and capitulations in the coming months.