Ethereum (CRYPTO: ETH) moved against the trend as major coins slipped into negative territory on Thursday night with the global cryptocurrency market capitalization rising 0.72% to $2.38 trillion.
What Happened: The second-largest coin by market cap traded 4.71% higher at $3,773.94 over 24 hours. For the week, ETH has risen 4.62%.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) declined 3.63% to $0.23 over 24 hours. Over the last seven days, the meme coin has fallen 6.69%.
Telcoin was the top gainer over 24 hours, as per CoinMarketCap data. The coin shot up 11.9% over the period to $0.023. Over the last seven days, Telcoin has risen 26.11%.
The token of a project that aligns telecoms and users around a decentralized platform is one of the top year-to-date gainers. Telcoin has shot up 13222.37% so far this year.
The top YTD gainer this year — Axie Infinity’s token — which has shot up 22622.02% in 2021, was among the top 24 hour gainers at press time.
Axie Infinity rose 10.64% to $134.99 over 24 hours. For the week it has risen 7.71%.
See Also: How To Buy Axie Infinity (AXS)
Why It Matters: Ki Young Ju, CEO of CryptoQuant, an analytics platform, said Thursday that $186 billion of BTC was moved on the day.
“This whale moving trend started last month, and these are not from exchanges.”
“Moving big funds have a lot of security costs. There’s going to be a reason for these whales moving.”
$186 Billion worth $BTC moved today.
This whale moving trend started last month, and these are not from exchanges.
Moving big funds have a lot of security costs. There’s going to be a reason for these whales moving.
What’s your take?
— Ki Young Ju 주기영 (@ki_young_ju) October 14, 2021
On Oct. 4, an anonymous cryptocurrency whale had moved $734 million worth of BTC, which was likely done for security purposes rather than for the sale of coins.
On Wednesday, it was reported that a whale moved $115 million worth of BTC. The removal of BTC is thought to ease selling pressure allowing the prices to go up more easily.
Meanwhile, on the ETH side, the second-largest coin bounced levels of 0.066 against BTC after hovering at the bottom of 0.06 to 0.08 range for days, as per Delphi Digital, an independent research firm.
Movement of the ETH/BTC Pair, Courtesy Delphi Digital
“While it’s too early to tell whether this is mean reversion or part of a larger move, ETH/BTC recovered strongly from this key support and could continue to range inside the yellow wedge [see graphic]” Delphi Digital wrote in an emailed note.