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Demand for Bitcoin and Ethereum is skyrocketing

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Demand for Bitcoin and Ethereum is skyrocketing

Leading digital currencies have seen a significant increase in the volume of whale transactions. Demand for Bitcoin and Ethereum is skyrocketing. So that Bitcoin has increased by 80%, Ethereum by 170% and Polygon by 3800% compared to 30 days ago.

Demand for Bitcoin and Ethereum is skyrocketing

Bitcoin, Ethereum, and Polygon are experiencing a significant increase in large transactions, also known as “whale transactions.” Notably, Bitcoin has seen an 80% increase in transactions over $100,000.

Similarly, large Ethereum transactions have increased by 170%. While Polygon has seen an unprecedented increase of more than 3800% compared to its corresponding volume 30 days ago.

Great deals

Great deals

Last week’s data shows the extent of this increase in high-value transactions. Bitcoin recorded 16,410 transactions in the last 24 hours, reaching 22,570 on November 9. The lowest was 12,810 transactions on November 5.

In terms of transaction volume, Bitcoin experienced $24.4 billion in the past 24 hours, with a high of $39.02 and a low of $18.1 billion in the same week. The number of major Ethereum transactions reached 3,560 in the last 24 hours. It reached a seven-day high of 7590 transactions and a low of 3040.

Its transaction volume reflected this trend, reaching a high of $6.59 and a low of $2.47 billion, with $2.91 billion in the past 24 hours.

For Polygon, the number of large transactions reached a seven-day high of 209 transactions, similar to the number of transactions in the past 24 hours, with a low of 34 transactions. The trading volume reflected this increase. And in the last 24 hours, $194.42 million, the seven-day high was $357.59 million, and the lowest was $28.81 million.

Institutional demand renewal

The significant increase in whale transactions in these cryptocurrencies is mainly attributed to renewed institutional interest. The digital currency market is full of predictions with the launch of Bitcoin ETFs by January 2024. A development that is expected to increase organizational demand.

Additionally, BlackRock’s plans to introduce an Ethereum spot ETF have added to the excitement. Institutional demand plays an important role in the crypto market. Because it not only brings significant capital; Rather, it gives credibility and stability to the digital currency ecosystem.

The entry of large financial players and the creation of more accessible investment vehicles such as ETFs are seen as key drivers for the long-term growth and mainstream adoption of cryptocurrencies.