The cryptocurrency market has seen significant volatility since the start of 2021. The recent rise in the prices of crypto assets has escalated unidentified transactions. More than 15,000 BTC along with 125,000 ETH has been transferred from unknown digital wallets in the last few hours.
According to the data published by Whale Alert, a blockchain tracker and crypto analytics company, 7,977 Bitcoins were transferred from an unknown wallet on Wednesday. An unidentified user moved 3,730 Bitcoin from cryptocurrency exchange Bitstamp to an unknown wallet. Additionally, a transaction including 3,947 BTC was reported today where an anonymous user used an unknown wallet for the transfer.
The total value of the mentioned transactions stands at around $500 million. The price of the world’s largest cryptocurrency is down more than 10% in the last 7 days. Bitcoin is currently trading around $31,000 after registering an all-time high of $41,500 earlier this month. BTC has a total market cap of nearly $590 billion.
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Unknown Ethereum Transactions
Finance Magnates earlier reported about a surge in anonymous ETH transactions following a significant price increase. Ethereum recorded an all-time high of $1,470 earlier this week after posting strong gains. The cryptocurrency started this year at a price level of $750. Whale Alert reported two prominent ETH transactions in the last 12 hours involving more than 126,000 Ethereum. In the first transaction, an unknown user moved 100,000 Ethereum to cryptocurrency exchange OKEx. In the second transaction, 26,253 ETH were moved to an unidentified wallet. In addition to Bitcoin and Ethereum, other cryptocurrency assets like UNI, USDT, BUSD, PAX and XLM were also moved in substantial amounts during the same period.
The overall cryptocurrency market cap currently stands at around $900 billion, a drop of nearly $150 billion compared to the last week. As of writing, Ethereum is trading near $1,250 billion, which is down nearly 5% during the last 24 hours. Ethereum has a market of more than $140 billion as the world’s second-largest cryptocurrency dropped more than 15% from the recent highs.