Find the best broker for your trading or investing needs An anonymous cryptocurrency enthusiast capitalized on this week’s dramatic bitcoin price plunge by scooping up $400 million worth of bitcoin. (See more: Bitcoin Price Retreats From $10K As Mysterious Buyer Emerges.) Cryptocurrencies have had a tumultuous start to 2018. At the start of the new year, many digital currencies were riding a wave of price growth, and the market capitalization of the industry grew to the point that a $1 trillion valuation didn’t seem unreasonable.
Then, early in the new year, prices collapsed, and many of the top 20 cryptocurrencies slumped considerably. While the price dump may not have been the cryptocurrency bubble pop that many analysts have predicted, it did mean that top cryptocurrencies, even industry leader bitcoin, fell to their lowest levels in months. Although bitcoin dipped below $6,000 per coin in early February, according to Market Watch, the price has since risen considerably.
In fact, it has climbed by more than 60% in the past two weeks or so, finally climbing back above $10,000. (See more: Bitcoin Price Topped $10,200 Amid Cryptocurrency Rally.) Apparently, the anonymous cryptocurrency trader who made a major investment in the currency imagines that this upward trend will continue.
Nonetheless, bitcoin’s price remains far below its all-time high of just under $20,000 per coin, attained late in 2017. The purchase was made between February 9 and February 12 to an account associated with the bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64.
That account has seen its bitcoin balance balloon from 55,000 BTC up to more than 96,000 BTC. The actions of one anonymous trader may have an impact on the cryptocurrency industry at large. Read more from investopedia.com…
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