Blur Token Volume Reaches $1 Billion As Bitcoin Approaches $25,000

For the first time since August 14, 2022, the Bitcoin price has traded close to $25,000 for the first time in its history. There is a possibility that whale participation and trading volumes could soon shift from altcoins to Bitcoin in the near future.

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It was late Wednesday afternoon, February 15, when a strong 10% jump in the cryptocurrency market surprised investors, adding more than $100 billion to investors' wealth in a matter of hours. Bitcoin (BTC) is currently trading at around 11.5% up at a price of $24,700, and has a market capitalization of $476 billion, making it the world's largest crypto asset. BTC has now reached a 6-month high as a result of yesterday's price pump, completely catching the bear off guard with a price spike that has reached a new 6-month high.

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Bitcoin and Wider Crypto Market

BTC is trading above $24,200 levels for the first time since August 14, 2022. Stakeholders' confidence could be further boosted by signs of an increase in whale addresses.

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It is interesting to note that Bitcoin (BTC) is outperforming all other altcoins in the top league in terms of percentage gains. Altcoins have dominated Bitcoin since the start of 2023, gaining 50-70%. On-chain data provider Santiment reports that whales and trading volumes may shift back to Bitcoin. As noted in the report:

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Bitcoin has reached $22.9k, and it has seen an isolated price spike approximately 6 hours ago that has put it ahead of most altcoins. In January, alt recoveries occurred, so keep an eye on whales and $BTC trading volume.

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Bitcoin investors have gained 50% year-to-date due to the recent price rally. As blockchain adviser, Cici Lu told Trade Algo: "People forget that Bitcoin's free float can be limited at times, and when shorts get squeezed, the price just pops". BTC short positions have been liquidated for nearly $85 million over the last 24 hours.

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BLUR Sees Huge Trading Volumes

In addition to Bitcoin, altcoin prices also rose on Wednesday, February 15. Ethereum (ETH), the second-largest cryptocurrency in the world, is currently trading at $1,686. ETH faces immediate resistance at $1,700 at the moment.

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There have been significant gains for other altcoins as well. There has been a 7% increase in the Binance Coin (BNB), a 4% increase in XRP, a 5% increase in Cardano (ADA), and a 10.14% increase in Polygon's MATIC. MATIC reserves are piling up in large numbers among whales. There have been over 55 million MATIC coins added by whales in the last month.

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A huge volume of trades was witnessed on the first day of trading for BLUR, the native token of the Blur NFT platform. BLUR tokens have reached almost $1 billion in 24-hour trading volume.

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The BLUR token is once again on an upward trajectory after plummeting by 85% on launch. It is currently trading at $1.13, up 50.36% as of press time.

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