Bitcoin and altcoins soar: follow the rally that sends BTC back above $23,000

The world’s largest crypto-currency, bitcoin (BTC), continues to attract buyer interest, with the price of bitcoin once again surpassing $23,000, and some altcoins following suit. At press time, BTC is trading up 1.4% 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 bullish phase. According to PnL-related indicators on the blockchain, such as the MVRV ratio, most investors are still underwater. Ju thinks it is unlikely that selling pressure will resume as no one would want to sell at a loss at these levels.

He also added that BTC whales have strongly maintained their supplies even during the current price pump. Commenting on the latest CryptoQuant report, the CEO noted:

“Of course, bitcoin still has contagion risks and macro risks, and we may see more bankruptcies, M&A and capitulations in the coming months. But from a blockchain perspective, the $BTC whales have not moved bitcoins despite the recent price spike. The market may not have hit its target yet.”

Altcoins take the lead in broader market rally amid bitcoin growth

In addition to bitcoin, the latest surge in the crypto space has been largely supported by a larger rally in the altcoin space. The world’s second-largest crypto-currency, Ethereum (ETH), has risen 3.44 percent in the past 24 hours, with its price again surpassing $1,600.

APT, the native Aptos token, has seen one of the biggest increases, jumping 46% in the past 24 hours. At $19.3, the APT token is currently trading at its highest level ever. The APT token has seen an impressive rally over the past month, gaining nearly 500%.

According to blockchain analytics firm Kaiko, there has been a huge amount of whale interest in Aptos. The blockchain analytics firm reported that all of the largest whale addresses of $250,000 or more have been executed on Binance. In addition, the blockchain analytics firm noted that the APT token could see institutional demand on Coinbase where its “bid volume is now almost double the application volume.“

In addition, Binance Research also reported that interest in Aptos’ NFTs is growing. “NFT investors [ont] began accumulating them to become early adopters and take advantage of potential flipping opportunities“, he noted.

📈 $DYDX has been a bright spot and is +22% on the day in an otherwise quiet #altcoin market. There are already 986 active addresses on the #DYDX network, indicating a big utility increase. Additionally, there are already 10 $1M+ whale transactions today. https://t.co/zrCLGb9ZMD pic.twitter.com/82QUsnzLOz

– Santiment (@santimentfeed) January 25, 2023

Another crypto-currency that has seen massive gains in the last 24 hours is dYdX, which has jumped more than 20% amid the whale build-up. The data provider on the blockchain Santiment reported that. “DYDX was a bright spot and up 22% on the day in an otherwise quiet #altcoin market. There are already 986 active addresses on the #DYDX network, indicating a strong increase in utility. In addition, there are already 10 whale transactions over $1 million today“.