The price of bitcoin jumped above the $11k threshold on Saturday morning and into the afternoon, after hovering above the $10,900 range the day prior. The entire crypto-economy of 7,600+ coins has gained 2.29% during the last 24 hours touching $344 billion.
Bitcoin (BTC)Â markets have surpassed key levels above the $11k mark on Saturday, as the cryptocurrency has seen close to $4 billion in global trade volume. A number of people are watching the current price range and believe the $11,000 region is a key zone to watch. One trader explains thatÂ BTCÂ has a number of price hurdles ahead to remain bullish in the short term.
Data from the blockchain analytics firm, Cryptoquant shows thatÂ BTC whalesÂ are possibly waiting for better prices. Cryptoquantâ€™s CEO, Ki Young Ju discussed the situation concerning â€˜BTCÂ whalesâ€™ on Thursday.
â€œExchange Whale Ratio hits the year lowâ€”the fewer whales moving to exchanges, the less dumping, and makes [a] higherÂ BTCÂ price,â€ Ki Young JuÂ said.
â€œExchange Whale Ratio is the relative size of the top 10 inflows to total inflows by day of each exchange,â€ the analytics firm CEO added. â€œI used the weighted average for all exchanges.â€
Meanwhile, the very next day, Cryptoquantâ€™s Telegram channel alerts noted â€œunusual miner outflowsâ€ with 632Â BTCÂ inÂ aggregated outflowsÂ from miners on Friday. The data shows a majority of theÂ BTCÂ miner outflow stemmed from the mining pool called Poolin. The mining operation Poolin is the networkâ€™s top mining pool withÂ 18.9% of BTCâ€™s global hashrate.
BTCâ€™s total SHA256 hashrate on Saturday is a whoppingÂ 140 exahash per second (EH/s).Â Since August 23, 2020, the bitcoin (BTC) hashrate jumped 27.27% from a low of 110 EH/s, to todayâ€™s all-time high (ATH).
Furthermore,Â BTCÂ dominance, the metric that measures bitcoinâ€™s (BTC) market capitalization against the valuations of the rest of the crypto market economy is over 58%. Bitcoin (BTC) is up 6% during the last seven days and 19% for the last 90 days.
Ethereum (ETH)Â is trading for $385 per coin and is down 0.7% for the last seven days but is still up 68% for the last 90 days.Â Bitcoin cash (BCH)Â is trading for $233 perÂ BCHÂ and is up 1.2% this week and 1.14% for the 90-day span.
TheÂ biggest gainerÂ on Saturday was a coin called kambria (KAT) which jumped 50% during the last 24 hours and sashimi (SASHIMI) saw a 42% gain today. Swerve (SWRV) was the weekendâ€™sÂ biggest loserÂ suffering a loss of 36%, while pillar (PLR) dropped 27% in value.