The prices of Bitcoin and Ethereum have shown contrasting trends lately, drawing interest from investors and analysts. This article examines the current price changes and expert opinions.
Current Price Situation of Bitcoin and Ethereum
Recent events in the cryptocurrency market showed that the price of Bitcoin (BTC) experienced a brief surge following Fed Chair Jerome Powell's subdued speech at the Jackson Hole conference but then dropped over the weekend. Conversely, Ethereum (ETH) reached new all-time highs. Currently, Bitcoin's price is at $112,600, reflecting a decline of 2.14% over the last 24 hours.
Willy Woo's Perspective
Popular analyst Willy Woo acknowledged that the slow growth of Bitcoin is attributed to large holders known as whales. He raised this issue in his post on the social media platform X by asking why Bitcoin's rise is so slow in this cycle. In his opinion, these whales control a significant portion of Bitcoin's supply, and a substantial influx of new capital is required for the price to rise in response to their selling. Woo emphasized that such supply concentration slows down the accumulation of Bitcoin and price growth.
CITE_W_A: "Why is BTC rising so slowly this cycle? The main reason for this is the high amount of capital required to accumulate Bitcoin."
Conclusion on Current Trends
The discussions regarding Bitcoin and Ethereum's price dynamics forecast an ongoing dialogue within the cryptocurrency community. According to experts, the slow growth of Bitcoin is linked to a high concentration of supply among major holders, which creates additional barriers to price increases.
Thus, the current situation in the Bitcoin and Ethereum markets continues to spark interest, and analysts' perspectives on the influence of major holders highlight the complexities of price formation mechanisms in cryptocurrencies.
