Bitcoin and Altcoins Might “Double” in the Coming Weeks, Here’s Why;1 Trillion SHIB Bought by Top Whale

According to Whalestats, a crypto whale has just bought nearly 1 trillion shib. In four massive transactions of about 250 billion SHIB, Ethereum whale “Gimli” bought the staggering amount. At the time of publication, SHIB was trading up 5.15% in the last 24 hours and 12.72% in the past week.

This week, investors anticipated that the worst of the crypto liquidity crisis had passed, which led to a relief bounce in the price of bitcoin and other altcoins.

By Friday, bitcoin had increased 13 percent for the seven-day trading week that started on Sunday and was on track to have its best week since October. From a low of $17,567 in June, the price increased to a high of $22,490 on July 8. According to data from CoinMarketCap, it recently traded at $21,796 with less than 1% of a daily gain.

At the time of publication, the majority of altcoins were up on the week, posting significant gains.

Here’s Why Bitcoin and Altcoins Might “Double” in the Coming Weeks

From a volume perspective, most of the forced unwindings and insolvencies are behind us, according to Felix Hartmann, managing partner of Hartmann Capital. The “final nail in that” was Three Arrows declaring bankruptcy.

A crypto-focused hedge fund called Three Arrows filed for bankruptcy last week after a sudden drop in the value of digital currencies revealed a liquidity crisis at the company.

There aren’t any bigger, more significant dominoes left to fall, but the market contagion may extend to smaller cryptocurrency exchanges or funds, according to Hartmann. He claimed that it’s “very likely” that the market for cryptocurrencies could double if it could go a month without experiencing any bad news or insolvencies.

But doing so would merely push the price of bitcoin back up to April levels. Currently, it’s down almost 70% from its record-breaking high in November of nearly $69,000.

With a high correlation to Bitcoin, altcoins have been following its example. If Bitcoin recovers, this indicates that altcoins will rise in value.

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