Though Bitcoin has been on a downward slope for the past few months, it saw an uptick over the past few weeks.
The most valuable cryptocurrency now accounts for nearly 48% of all digital currencies and is at its highest level in five weeks – something that should make many investors happy as there are signs that other coins may be due for price increases too.
Bitcoin is on a hot streak, up nearly 30% in the last week. It’s trading at $40,000 and has surpassed Bitcoin Cash to become the world’s largest cryptocurrency by market cap with over $750 billion worth of bitcoins currently circulating.
Now, check this out – You’ll never know whether or not I’m invested personally. But, there are plenty of others who have been riding this rollercoaster all month long so stay tuned!
Bitcoin had a busy week. The giant coin has seen a substantial jump in its price due to the surge of retail demand. However, institutional inflows have slowed down recently with slow investment and a lack of interest from new investors.
Cryptocurrency traders are seeing an increased frenzy of activity from the whales. Recently, three leading BTC whale accounts moved $1 billion worth of cryptocurrency from digital exchange Coinbase.
A few weeks ago, a prominent BTC wallet moved 9500 coins and is rumored to have sold them for 50% more than they were purchased at originally on another site with high trading volume.
It’s been a rough couple of months for Bitcoin investors. That’s when we saw some crazy dips below even 4KUSD/coin!
But as of this week, they’re finally seeing some light at the end of the tunnel. For the first time in six weeks, BTC touched its $40K high point and has begun to show signs that it might once again reach all-time highs.
Bitcoin’s Network Activity
Some Bitcoin enthusiasts may be concerned about the stagnant cryptocurrency market over this past week, but there is one statistic that should make them happy. The number of active addresses and BTC’s unique token circulation spiked substantially in a short period.
While many people have been speculating as to what has caused bitcoin’s price drop, it seems like some other metrics are moving up – namely the number of active users on blockchain-based services such as exchanges or wallets.
Quick Analysis: The rest of the cryptocurrency world might be slumbering right now but not BTC’s. The latest numbers show more signs that it may just be warming up for another bull run.
Santiment, a crypto analytics platform that many traders rely on for accurate price forecasts and market sentiment data mentioned in their tweet this week saying the amount of unique tokens circulating has jumped to levels not seen since May.
Santiment is one example among several other indicators showing positive signs pointing towards future BTC growth which makes it an exciting time for investors as we await Bitcoin’s next bull run!
As Bitcoin continues to rally, traders are liquidating their short positions. Yesterday $1 billion in crypto was wiped from the market as shorts were closed and longs jumped on board for a new opportunity at profit potential.
A few weeks ago saw up to 67 million dollars worth of trading sold off with 50 million coming from BTC alone in order to close out those who believe this is just another dip before it goes back up again. And, did I mention that it all happened in 24 hours (No, that’s no typo)!