If you are one of cryptocurrency lovers, perhaps you heard the term “Whale” a lot. In fact, Whale refers to investors and holders, who are holding large amount of a specific crypto. The whales have the control over the market. They can even manipulate the price in some cases. If whales decide to sell their coins, the supply in the market goes high and respectively the price will fall down. On the other hand, if they start buying the coins circulating in the market, the demand goes high and the price start to rise. So, whales play an important role in the market. In the latest news, the number of Bitcoin Cash whales dropped dramatically. It happened exactly after priced surged for 39%.
Number of Bitcoin Cash whales dropped dramatically after price surged for 39%
The price of Bitcoin Cash surged to more than $311. The Bitcoin Cash whales’ reaction to price movement was unexpected. Around 10 whales, who were holding at least $3 million left the Bitcoin Cash network. The data show that most of the whales traded or sold their millions in holdings.
One of crypto enthusiasts on twitter, Ali Martinez, announced that Bitcoin Cash whales number decreased by 10. The data from Santiment (an analytic website) shows that investors, who were holding 10,000 to 100,000 Bitcoin Cash suddenly left the market. It estimated that they sold roughly around $3 to 30 Million worth of Bitcoin Cash. In fact, the whales left the market when the price raised from $224.46 to its three-month high of $311.34 on July 31.
Bitcoin Cash continues to be the 5th largest crypto asset. It’s total market cap is around $5.6 billion. At the time of writing, the Bitcoin Cash price is $306.83. After that, the ChainLink is the 6th largest crypto, which is trading with the price around $13.49 and has market cap equivalent to $4.6 billion.