Transactions of more than US$100,000 from major cryptocurrencies reach 2023 lows

A recent analysis by the Santiment platform released on September 18 highlighted that transactions of more than US$100,000 of major cryptocurrencies reached their lowest levels this year.

However, the analytics platform noted that this market movement is a sign that cryptocurrency whales are likely waiting, and is not necessarily a sign of investor disinterest.

“Bitcoin continues to trade between US$ 26 thousand and US$ 27 thousand, and Ethereum between US$ 1.6 thousand and 1.65 thousand. Transaction levels of over $100K of #Crypto major market caps are at their lowest levels of 2023 at the moment. This is a sign that the whales are probably waiting, and not necessarily disinterested.”

🐳 #Bitcoin continues to trade between $26K-$27K, and #Ethereum at $1.6K to 1.65K. #Crypto‘s top market caps’ $100K+ transaction levels are at their lowest levels of 2023 right now. This is a sign of whales likely waiting, and not necessarily disinterest. https://t.co/FKfhB5X3Yh pic.twitter.com/m9990wqlpM

— Santiment (@santimentfeed) September 18, 2023

The two biggest cryptocurrencies on the market are trading in profits on September 18th. At the time of publication, the price of Bitcoin was quoted at US$27,348.69, up 2.9% in the last 24 hours. The cryptocurrency has grown by 7.0% in the last seven days.

Crypto analytics platform IntoTheBlock shared on September 18 that Bitcoin recently reached a new milestone. The cryptocurrency processed a record 703,000 transactions on September 15.

Historic Milestone: Bitcoin processed a record-breaking 703K transactions on Friday.
🔗https://t.co/n7lvDvAgct pic.twitter.com/TTw7zI1AAE

— IntoTheBlock (@intotheblock) September 18, 2023

Ethereum, in turn, was trading at US$1,663.26, up 2.0%. The biggest altcoin on the market has seen a 5.2% price increase over the past week.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.