Bitcoin Price Prediction as Huge $75 Billion Trading Volume Floods In – Are Whales Buying?

cryptonews.com:

The global cryptocurrency market has managed to stop its previous losing streak and gained some ground, with Bitcoin and Ethereum leading the charge. Bitcoin, the world’s oldest and most valued crypto, climbed above the $25,000 mark early Friday morning, while Ethereum drew bids around above the $1,700 level. 

Other popular altcoins, including Dogecoin, Ripple, Litecoin, and Solana, also landed in the greens.

Bitcoin's price has increased by more than 5% in the last 24 hours and is currently trading above $25,600. This surge, along with other cryptocurrencies, has pushed the total crypto market cap above the $1 trillion mark, which is making investors more confident. 

Despite this, some analysts are skeptical and believe that this could be a bull trap fueled by positive sentiment, especially as trading volumes remain low.

The recent collapse of SVB and Silvergate banks has raised liquidity concerns in the market, prompting customers to shift their focus to digital assets. According to Apptopia, cryptocurrency app downloads have increased by 15% following the collapse of big bank stocks. 

Investors are seeking to diversify their portfolios and reduce risks, which has brought attention to the goal of introducing a cryptocurrency to address the faults of the old financial system.

Regarding Ethereum, which is currently the second-largest cryptocurrency by market capitalization, there are expectations that it will reach its all-time high of $2,000. The current rise in the ETH price has been mainly driven by the utilization of Ethereum's blockchain technology in decentralized finance (DeFi) and non-fungible tokens (NFTs). 

In addition, the upcoming Ethereum Improvement Proposal (EIP) 1559 upgrade, scheduled for July 2021, is