The price of bitcoin is over $23,000 for the first time ever since August, thanks to the whale craze that is massively accumulating its assets!

The price of bitcoin continued its rally of recent weeks over the weekend to reach $23,000. Although the asset was back down to $22,700 by the start of Monday’s Asian session, bitcoin’s market dominance has risen to 41.90 percent.

As a result of the three-week pump, bitcoin’s market capitalization has surpassed $438,187,899,265, fueled by a huge accumulation of whales, according to blockchain data.

According to market intelligence platform Santiment, Bitcoin addresses holding between $1,000 and $10,000BTC have collectively accumulated about 64,638BTC worth approximately $1.46 billion over the past two weeks. As more and more Bitcoins leave the centralized exchanges, there has been a decline in trading volume over the past few days.

According to our latest crypto-currency price oracles, bitcoin’s 24-hour trading volume stands at $23,966,344,678 on Monday, down about 27 percent.

🐳 #Bitcoin has now surpassed $22.7k for the first time since August 18, 2022. The price rise has come as the large whale tier group of addresses holding 1,000 to 10,000 $BTC has collectively accumulated 64,638 ($1.46 billion) $BTC in the past 15 days. 👍 https://t.co/H6jCsZDgUR pic.twitter.com/RaN2I48ybg

– Santiment (@santimentfeed) January 20, 2023

The current bitcoin price rally has rejuvenated the altcoin market, with most traders likely to FOMO in highly volatile meme currencies. In addition, Bitcoin may have more upside volatility before reaching the MA 200W around $25k. In addition, the strong weekly bar over the past three weeks indicates a greater chance of further rally in the coming weeks before an impending correction.

Data from @santimentfeed shows that #Bitcoin whales have accumulated around 70,000 $BTC over the past two weeks worth ~$1.4 billion. #BTC pic.twitter.com/Wyvk6ahVHs

– Ali (@ali_charts) January 21, 2023

Taking a closer look at bitcoin’s price and market outlook

The price of bitcoin has erased the losses of FTX and Alameda after rising more than 33 percent over the past three weeks. Nevertheless, the trauma caused by FTX and Alameda continues to rattle some key crypto companies, including DCG’s Gemini and Genesis Trading. Incidentally, Genesis trading has filed for Chapter 11 bankruptcy protection following a huge exposure to FTX and 3AC losses.

The price of bitcoin has a long way to go to get back to its ATH, $69,044, set on November 10, 2021. Down about 67% from its ATH, market analysts expect a build-up of several weeks before retesting the highs.

Ethereum (ETH), the second-largest digital asset, has also recovered in recent weeks to trade around $1,636.61 on Monday. According to data provided by Coingecko, Ethereum’s dominance is about 19% with a market capitalization of about $197,288,103,370.

The global crypto rally coincided with positive market sentiment in the traditional stock market. The Dow, Nasdaq, and S&P 500 all rose more than 1% in the past 24 hours. For example, crypto-currency-related stocks like Coinbase Global Inc (NASDAQ: COIN) and Marathon Digital Holdings Inc (NASDAQ: MARA) closed up 11.6% and 9.95%, respectively, last Friday.