More stablecoins enter exchanges showing big investors’ interest in buying.
The prices of the top 10 cryptocurrencies soared massively after $159 million worth of BUSD were transferred from unknown wallets to Binance.
The leading cryptocurrency whale tracking service, Whale Alert, has reported that over $159 million worth of Binance stablecoin (BUSD) were transferred from unknown wallets to Binance.
Per the data provided by Whale Alert, the first transaction saw a total of $99,999,990 ($99.99 million) transferred from an unknown wallet to the world’s largest crypto exchange by 24 hours trade volume, Binance. The BUSD was transferred to Binance in a single transaction today at 11:31 UTC.
— Whale Alert (@whale_alert) August 8, 2022
In addition, another $59.99 million was also moved from an unknown wallet to Binance.
— Whale Alert (@whale_alert) August 7, 2022
Top 10 Crypto Prices Soar
Whenever stable coins enter exchanges, it is usually a sign of greater buying power, suggesting that the funds can be used to purchase crypto assets.
Meanwhile, the crypto market has been looking good the past day. Over the past 24 hours, the total crypto market valuation has surged significantly.
According to cryptocurrency aggregator platform Coingecko, the global cryptocurrency market cap has been up 4.1% to $1.9 trillion in the past 24 hours.
The prices of the top 10 crypto assets have soared within this period. Bitcoin (BTC), the world’s largest crypto by market cap, is up 4.1% to $24,100 at the time of writing, with a 24-hour trading volume of over $22.05 billion.
In a parallel development, Ethereum (ETH), the second-largest cryptocurrency by market cap, is also up 5.9% to $1,800 in the last 24 hours. Ethereum also boasts a 24-hour trading volume of $13.14 billion.
Additionally, in the past 24 hours, Binance Coin (BNB) has soared 3.3% to $328, Ripple (XRP) is up 2.5% to $0.38, and Cardano (ADA) spiked 4.7% to $0.54. Solana (SOL) and Polkadot (DOT) recorded gains of 6.4% and 8.2%, respectively.