According to Bitinfocharts, the third-largest Bitcoin whale adds 456 BTC on January 4th at an average price of $46.3k. The purchase is estimated to be valued at approximately $21 million.
This is the entity’s first significant purchase, after 6 BTC 55 minutes before the new year. At the time of writing, the whale had 120,845.57 BTC, valued at more than $5.6 billion.
The business appears to be taking full advantage of the current tumultuous pricing movement. Bitcoin is presently trading for roughly $46K; down 1.7 percent in the last 24 hours and 8.9 percent in the previous week.
This has also resulted in a drop in BTC dominance – an index that tracks its market share compared to the whole market below 40%.
For The Third Day In A Row, Bitcoin Outperforms The Stock Market and Gold
Even if the value of cryptocurrencies is now declining, it is vital to avoid losing sight of the forest for the trees. In terms of growth over the preceding decade, Bitcoin begins the new year with a bang; outpacing gold and the stock market (S&P 500).
Furthermore, digital currencies such as Bitcoin continue to be the new kid on the block despite being around for more than a decade. As a result; the asset class has a lot to show in traditional financial circles, although the previous decade was nothing short of amazing.
Arcane Analysis, a blockchain data analysis group, investigated this in its final report for 2021. Not only that, but he also offered predictions for the Bitcoin and cryptocurrency markets in 2022.
There is, in fact, a clear winner in this case. For the third year in a row, Bitcoin outperformed both the stock market and gold. Bitcoin is up 73% this year, while the S&P 500 is 28%. The biggest surprise is that gold, the classic inflation hedge, is down 7%.
Both Bitcoin and the S&P 500 performed brilliantly in the inflationary environment of 2021, and gold, on the other hand, could not compete in this environment.
Will Bitcoin continue its dominance? Arcane believes Bitcoin’s present boom will continue in the following year.