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Active Bitcoin Addresses Hit the Highest Level in Three Months

Active Bitcoin Addresses Hit the Highest Level in Three Months

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Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Amid a sharp price jump, Bitcoin, the world’s most dominant digital currency, has seen addresses spike in recent days. According to on-chain analytics platform Glassnode, the total number of active BTC addresses (7-day moving average) reached 55,817 on September 13, 2022, the highest level in three months.

The total number of active Bitcoin addresses has risen significantly over the past seven days, with the digital asset gaining more than 12% over the said period. With a market cap of over $425 billion, BTC now accounts for over 40% of the total value of cryptocurrencies.

In weekly performance, BTC has remained the best among the top five digital assets. In addition to Bitcoin’s price increase, its network operations, including profitable BTC supply and mining speed, have also shown improvements in recent days.

The dormant Bitcoin supply, which was last active nearly 10 years ago, hit an all-time high of 2.51 million on Tuesday.

Bitcoin supply

Glassnode’s latest weekly on-chain analysis report shows that profit accumulation was observed during the previous BTC rally between June 2022 and August 2022.

“With Bitcoin trading around 72.5% below the November 2021 ATH this week, the market bears many similarities to the latest phase of the 2018-19 bear market. The recent bear market rally sold from $24.5k to below $18.5k, plunging a significant amount supply of short-term holdings back to an unrealized loss, Glassnode noted.

“Overall, the main factors influencing the current market structure seem to be these short-term owners pushing for the best entry price and how little profit is available. The sensitivity and conviction of these investors in an unstable macroeconomic environment is a key factor in short-term market direction. Long-term holders have already experienced a significant washout and generally move to hold coins dormant during these phases,” the report added.

Amid a sharp price jump, Bitcoin, the world’s most dominant digital currency, has seen addresses spike in recent days. According to on-chain analytics platform Glassnode, the total number of active BTC addresses (7-day moving average) reached 55,817 on September 13, 2022, the highest level in three months.

The total number of active Bitcoin addresses has risen significantly over the past seven days, with the digital asset gaining more than 12% over the said period. With a market cap of over $425 billion, BTC now accounts for over 40% of the total value of cryptocurrencies.

In weekly performance, BTC has remained the best among the top five digital assets. In addition to Bitcoin’s price increase, its network operations, including profitable BTC supply and mining speed, have also shown improvements in recent days.

The dormant Bitcoin supply, which was last active nearly 10 years ago, hit an all-time high of 2.51 million on Tuesday.

Bitcoin supply

Glassnode’s latest weekly on-chain analysis report shows that profit accumulation was observed during the previous BTC rally between June 2022 and August 2022.

“With Bitcoin trading around 72.5% below the November 2021 ATH this week, the market bears many similarities to the latest phase of the 2018-19 bear market. The recent bear market rally sold from $24.5k to below $18.5k, plunging a significant amount short-term bearer offer back to unrealized loss, Glassnode noted.

“Overall, the main factors influencing the current market structure seem to be these short-term owners pushing for the best entry price and how little profit is available. The sensitivity and conviction of these investors in an unstable macroeconomic environment is a key factor in short-term market direction. Long-term holders have already experienced a significant washout and generally move to hold coins dormant during these phases,” the report added.

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