The Bitcoin Market: Recent Trends and Activities
As a crypto reader, you may be interested to know that Bitcoin (BTC) has been consolidating below the $26,000 mark in recent days due to a red global crypto market condition.
However, there is some positive news amidst this trend. With the recent bullish momentum in the market, there has been a significant increase in BTC whale activity and social dominance. Presently, Bitcoin is up by 0.03% in the past 24 hours and is trading at $25,755.
This surge in activity can be observed through the rise in the asset’s 24-hour trading volume, which has increased by 11% to reach $12 billion. According to Santiment, a market intelligence platform, the number of BTC whale transactions, involving at least $100,000 worth of Bitcoin, has increased by almost 110% since September 3, totaling 9,004 unique transactions.
Increased Daily Active Addresses and Bitcoin Supply
Additionally, the number of Bitcoin daily active addresses has reached 1 million, marking an 18% increase within the past week. This positive momentum coincides with BTC’s market cap currently standing at $501.6 billion.
On a different note, after consistently decreasing since August 31, the supply of Bitcoin on exchanges experienced a sudden surge. Santiment reports that there are currently 1.16 million coins available on all platforms.
Expansion of Crypto Millionaires and Grayscale’s Request
In a recent report, it was revealed that the number of crypto millionaires has reached 88,200, with 40,500 of them holding Bitcoin in their addresses despite the asset’s price fluctuations.
In another positive development, Grayscale, an investment management company, is pushing for the approval of its spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). The company believes that such approval is necessary to protect investors from potential financial harm.
Hot Take:
The recent spike in Bitcoin whale transactions, daily active addresses, and the growing number of crypto millionaires showcase the increasing popularity and potential of Bitcoin as a valuable asset. While market conditions may fluctuate, it is evident that Bitcoin continues to attract significant attention and investment.
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