It was less than a week for the most prominent cryptocurrency, Bitcoin (BTC), to return above the USD 19,000 level after trading close to USD 17,600 this past Friday. Meanwhile, one of the recent best performing major coins, XRP, is the only top 10 token in red today.
At the time of writing, BTC trades at USD 19,278 and is up by 4.5% in a day, erasing all its weekly losses. The price is now up by 17% in a month and 162% in a year.
BTC Price Chart:
Other coins from the top 10 club are up by 2%-4% in a day, except XRP that dropped by 4%, to USD 0.51 and is now the worst-performing coin in the past seven days (-16%). Other major cryptoassets, besides BTC, are still down in a week by 2%-6%.
As published, it seems that large traders, whales, and institutions that hodled BTC around USD 10,000 levels selected to take profits during this rally. On the flip side, retail traders primarily kept adding to their positions during the price surge, major crypto exchange OKEx said in their latest report. The result of this was that retail traders were caught below USD 19,000, but given how overall market sentiment continues to be bullish, their losses were assumed to be short-lived.
Related to the previous cycle, the world’s largest crypto asset appears to be “right on track” and “the similarities between cycles are striking,” according to US-based crypto research firm Delphi Digital.
On Friday, the US-based business intelligence company MicroStrategy confirmed it raised USD 650m by selling senior convertible notes due 2025 to buy more BTC. This week, the news broke that America’s Massachusetts Mutual Life Insurance (also known as MassMutual) has acquired USD 100m worth bitcoin to add to its general investment fund.
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