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