Bitcoin set the stage for an impressive price increase throughout the whole market with a positive run to over $8,800 at one point. Amid all this, the popular transaction monitoring resource, Whale Alert, detected a $1 billion transaction carried out with BTC.
$1 Billion Transferred For $80
The last 24 hours have been nothing short than impressing in the market. The largest crypto was trading at around $8,100 before it skyrocketed to $8,850 on Bitstamp in just several hours. Even though it has slightly retraced since then and it’s currently trading at about $8,700, it’s still a 7.5% increase in a day.
BTCUSD 1h Bitstamp. Source: TradingView
Moreover, a specific user has found a massive transaction of 124946.622 BTC, which represents 0.7% of all bitcoins that have been mined so far. To put things into a fiat perspective, with Bitcoin’s price of $8,700 at the moment, this means that the total value of the transaction exceeds $1.08 billion. The user also says that it originated from a Bitfinex cold storage address, but the recipient is still unknown.
Interestingly enough, the large amount was transferred from one address to another for a fee of just 0.00964, which is $84 at the time of this writing. This may showcase Bitcoin’s full potential as a peer-to-peer electronic cash system, as no central authority had to be involved in any way.
One For All, All For One
As it generally happens, Bitcoin’s price surge didn’t stay unnoticed by the rest of the market. Most altcoins recorded staggering increases during the day, as well. Arguably the most significant gainer is Bitcoin SV, which at one point was over 100% up and reached a new all-time high of $413.
Other coins that followed the move include EOS (20%), which was above $4 for the first time since September 2019. Litecoin (15%) was trading north of $60 for a while. That’s a level that LTC hadn’t reached since November last year.
Bitcoin Cash and most privacy coins also noted similar impressive gains. As a result, the whole market capitalization increased by almost 10% today from $216 B to upwards of $237.
It’s still unclear if this transaction of $1 billion worth of bitcoin is the real reason behind today’s price surge. However, it’s a serious possibility and more importantly, it outlines Bitcoin’s true power, serving as a decentralized means of payment.
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