Cryptocurrency Roundup: Bitcoin Stabilizes While Altcoins Slide

Latest insights on cryptocurrency price movements as of October 3, 2024.

Bitcoin has been relatively steady, trading at around $60,750, down approximately 0.8% in the last 24 hours. This stability comes amid increasing tensions following Iran's air strikes on Israel, creating a cautious atmosphere in the market.

Meanwhile, other major cryptocurrencies are not faring as well. Ethereum has dropped over 4.5% to $2,350, and the broader CoinDesk 20 index has retreated by 4.2%. XRP is particularly hard hit, suffering an 11% loss after the SEC announced an appeal regarding their ongoing case with Ripple.

Despite the downturn in prices, there is a notable trend of accumulation happening among Bitcoin investors, often referred to as 'whales.' According to Ki Young-Ju, founder of CryptoQuant, whales continue to acquire Bitcoin in anticipation of a future market upswing. He mentioned, "Real whales move the market through spot trading and OTC markets. That’s why on-chain data is crucial."

Additionally, Metaplanet Inc., listed on the Tokyo Stock Exchange, is leveraging Bitcoin options to enhance its holdings, having recently sold contracts to add new Bitcoin to its reserve, valued at around $32 million.

This chart outlines Bitcoin wallet balances held by whales compared to Bitcoin's price.

In summary, while Bitcoin remains relatively stable, the overall cryptocurrency landscape faces challenges as regulatory news and market pressures influence price movements.