Unlike last year, 2018 has not been entirely favorable for bitcoin so far. The price of the world's first cryptocurrency plummeted to a low that had not been witnessed in months. It finally made recovery over the past week and rose by about 60%. This revival obviously did not go unnoticed by bitcoin enthusiasts. There was, however, one investment that was especially eye-catching.
According to a tweet by Andy Hoffman, a trader bought $344 million worth of bitcoin between February 9th and 12th . The anonymous trader did not stop there, as the coin was trading at $8400 at that time and rose to $9400 later. Seeing the currency’s growth, he totally bought almost $1 billion worth of bitcoins.
Bitcoin’s value reached an all-time high of almost $20,000 towards the end of 2017. It did not rise further this year, as it fell down to about $6,000. In fact, none of the leading cryptocurrencies were able to make significant progress in 2018. Most of them lost almost half of their values, as traders pulled out their investments due to security fears.
Although a considerable percentage of bitcoin proponents bailed on it too, there remained many who still believed that the coin would rebound. This recent purchase goes to show exactly that. The news of this investment was all over the social media. It was first reported on twitter by Andy Hoffman who disclosed the buyer’s bitcoin address.
Interestingly, one anonymous purchase is significantly impacting the entire cryptocurrency market. The coin’s comeback and this massive purchase both acted to draw more investments, making bitcoin’s value rise further to over $11,000.
Alex Sunnarborg, founding partner of Tetras Capital, also commented on the news. He said that although this whale is not known, he/she has reassured the rest of the investors. Moreover, additional regulatory clarity in Asia and the US has also contributed to the recent rebound.
The famous buyer now owns over 96,000 bitcoins, making him/her the third richest bitcoiner in the world. It is up to the coin’s value now to decide whether or not he/she will profit from this purchase. Considering bitcoin’s notorious volatility, the investment can go either way.
Other leading cryptocurrencies are also making prominent comebacks. Among these, litecoin’s growth has been the most impressive one. It grew by more than 7% within 24 hours. Furthermore, ripple and ethereum have also grown by 5.6% and 4.5% respectively.
According to a tweet by Andy Hoffman, a trader bought $344 million worth of bitcoin between February 9th and 12th . The anonymous trader did not stop there, as the coin was trading at $8400 at that time and rose to $9400 later. Seeing the currency’s growth, he totally bought almost $1 billion worth of bitcoins.
Bitcoin’s value reached an all-time high of almost $20,000 towards the end of 2017. It did not rise further this year, as it fell down to about $6,000. In fact, none of the leading cryptocurrencies were able to make significant progress in 2018. Most of them lost almost half of their values, as traders pulled out their investments due to security fears.
Although a considerable percentage of bitcoin proponents bailed on it too, there remained many who still believed that the coin would rebound. This recent purchase goes to show exactly that. The news of this investment was all over the social media. It was first reported on twitter by Andy Hoffman who disclosed the buyer’s bitcoin address.
Interestingly, one anonymous purchase is significantly impacting the entire cryptocurrency market. The coin’s comeback and this massive purchase both acted to draw more investments, making bitcoin’s value rise further to over $11,000.
Alex Sunnarborg, founding partner of Tetras Capital, also commented on the news. He said that although this whale is not known, he/she has reassured the rest of the investors. Moreover, additional regulatory clarity in Asia and the US has also contributed to the recent rebound.
The famous buyer now owns over 96,000 bitcoins, making him/her the third richest bitcoiner in the world. It is up to the coin’s value now to decide whether or not he/she will profit from this purchase. Considering bitcoin’s notorious volatility, the investment can go either way.
Other leading cryptocurrencies are also making prominent comebacks. Among these, litecoin’s growth has been the most impressive one. It grew by more than 7% within 24 hours. Furthermore, ripple and ethereum have also grown by 5.6% and 4.5% respectively.