As Bitcoin (BTC) has finally managed to regain the psychological threshold at $30,000, pulling the majority of the cryptocurrency market up with it, the bullish recovery has led to a massive increase in large transactions of the flagship decentralized finance (DeFi) asset.
Specifically, as many as 259 transactions worth over $1 million took place on the Bitcoin network just two hours after it hit the $30,626 mark, according to the observations shared in a tweet by blockchain and crypto analytics platform Santiment on June 22.
As the platform’s team explained and exemplified with chart patterns, the volume of these whale transactions had at that time broken a recent record, having “hit their highest hour in over three months,” and that “volume likely needs to continue rising to justify more growth.”
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $30,167, which represents an increase of 4.40% in the last 24 hours and a more significant gain of 21.03% across the previous seven days, as it grew by 10.36% on its monthly chart.
Interestingly, crypto trading expert Michaël van de Poppe had earlier projected that the maiden cryptocurrency could continue to rise and experience a rally toward $38,000, considering it has held above the 200-week exponential moving average (EMA) and has “bounced firmly from that area.”
Thanks to such a massive run, driven by the news of multiple spot Bitcoin exchange-traded fund (ETF) applications by major companies, the largest digital asset has helped the general crypto sector increase its market capitalization by as much as $120 billion in a single week, as Finbold reported on June 21.
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