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Bitcoin surge by 30% in late July

By
Redakcja
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3 min reading

The total quantity of Bitcoin detained on addresses storing between 100 and 10,000 BTC has reached 9.23 million Bitcoin for the first time ever. In between the latest bullish trend on the cryptocurrency markets over the last few weeks, there have been many users who are now participating in trading Bitcoin (BTC) the world’s largest cryptocurrency by market capitalization.

The total quantity of Bitcoin detained on addresses storing between 100 and 10,000 BTC has reached 9.23 million Bitcoin for the first time ever. In between the latest bullish trend on the cryptocurrency markets over the last few weeks, there have been many users who are now participating in trading Bitcoin (BTC) the world’s largest cryptocurrency by market capitalization. The recent data from blockchain analytics platform Glassnode provides details that Bitcoin has witnessed a remarkable rush related to the active addresses in the last few weeks of July, with working BTC attributes increasing by 30% from 250,000 to 325,000 active users.

Based on Glassnode’s seven day-elevating moving average statistics of active Bitcoin entities it seems like this is the biggest cascade ever recorded after plenty of active Bitcoin entities was lowered to 41% from 425,000 in January to lower 245,000 addresses in early July. The present level of Bitcoin activity keeps in touch with the levels handled in July 2020. While Bitcoin was trading around $11,300 Glassnode stated.

Even with a specific increase in active Bitcoin users there are BTC investors who have been collecting bigger amounts of cryptocurrency in late July. Based on the recent information the amount of Bitcoin detained with addresses containing 100-to-10,000 BTC hit 9.23 million Bitcoin ($364 billion) as of August 1, which is the new record for this group of investors. The last time a record-high took place was on April 5 just few weeks before Bitcoin price broke an all-time high above $64,000.

“In the last four weeks, these addresses have accumulated approximately 170,000 more BTC. This staggering price was last matched in late December 2020, right before a massive bull run kicked off in 2021 where prices jumped from $29.0k to $40.8k in the year’s opening week,” Santiment stated. This recent biggest growth in Bitcoin activity happened while BTC was gaining some boost soon after Tesla CEO Elon Musk revealed that his firm SpaceX owns Bitcoin on July 22. The CEO also said that tesla was thinking of continuing crypto payments for vehicle purchases stating how the rising percentage of renewable energy was used for Bitcoin mining. It is expected of Musk to contribute to Bitcoin’s price crash earlier this year detaching BTC payments for Tesla in May mostly due to the sudden increase of fossil fuel usage for Bitcoin Mining. 

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