The number of Bitcoin (BTC) whales, which are large investors with the capacity to impact market trends, has increased and attained four-year highs, together with the recent price rally.
As of Sunday, the whole community of whale entities, which are clusters of addresses held by one network participant having at least 1,000 BTC, was 1,939 – the highest since September 2016, as per information collected and then shared by Glassnode.
The whale entities metric jumped by 2.2 percent last week, likely adding to the bullish pressures around Bitcoin’s value. The king crypto coin by market capitalization rose by more than 13 percent last week to record its best single-week performance since April of this year.
The uptrend started getting obvious on Wednesday after PayPal announced it plans to implement support for Bitcoin and other cryptocurrencies on its platform. The reveal made Bitcoin’s price reach 13-month highs of more than $13,300 on Thursday.
Whale Entities Are More Numerous Now
The number of whale entities has also increased, with a 13 percent rise this year alone, alongside a 20 percent increase in the U.S. dollar supply. According to data collected by Willy Woo, an on-chain analyst and the author of The Bitcoin Forecast newsletter, high-net individuals increasingly consider Bitcoin a cover against inflation.
Numerous top public companies have recently revealed they have invested in Bitcoin, giving a decisive vote of confidence in the future of the cryptocurrency. Hedge fund billionaire Paul Tudor Jones also told a few of his thoughts regarding Bitcoin’s rally, saying it has just begun.
According to the technical charts, the king crypto coin is heading north, having broken through the resistance level with a weekly close above $12,500 – the focus now is on the June 2019 high of $13,800.
Bitcoin is changing hands close to the $13,160 line at the time of the press, which is up 0.75 percent on the day.