Bitcoin is currently enjoying a major bullet Rally. This has resulted in the price jump of nearly 25% within 7 days
The world’s most valuable cryptocurrency asset, Bitcoin had seen an impressive rise over these past few weeks and some experts predict it might not be slowing down anytime soon with potential for more gains still ahead!
It’s been a while since we’ve seen this many Bitcoin addresses in profit, and it appears that the recent activity might be due. This is great news! It’s the highest level in approximately 1 month. This could be a sign that things are about to get even more interesting with Bitcoin mining, so keep your eye out for updates from here on out!”
The recent data published by Glassnode, an on-chain market analysis firm shows that the total number of BTC addresses in profit reached a 1 month high at 34 million.
The company’s latest numbers show how many people are actually profitable over time and their average daily profits with it increasing significantly since June 2021 when they peaked out around 24 million dollars per day before settling back down again this past October 8th where we found just under 3 quarters worth or all possible bitcoins currently owned being made available for trading activities each minute which is unprecedented volatility if you’re not invested into cryptocurrency already but wait there.
The recent rise in profit for Bitcoin entities is truly remarkable. What’s more, it jumped to 94%, demonstrating the increasing appreciation for Bitcoin over time and its legitimate usage as a money-like asset by consumers around the world.
In a statement, Glassnode mentions, “Entities in Profit has risen to 94.3%. Over 16.2% of all on-chain entities have returned to profit since the Sept lows. The last time this many network entities were in profit was before the sell-off in May. Bitcoin’s number of addresses in profit (7d MA) just reached a 1-month high of 34,076,915.411. Previous 1-month high of 34,061,892.458 was observed on 08 September 2021.”
The recent increase in bitcoin’s on-chain activity and large transfers has led many to believe that it might be preparing for a bull run.
A leading crypto wallet has just moved $81 million in Bitcoin from an unknown wallet to Coinbase. This is big news for the cryptocurrency world, and people are wondering what this means for prices going forward!
Bitcoin has historically performed well in October, with the world’s largest digital asset up nearly 50% this year alone.
Bitcoin is one of the most popular and talked about currencies in today’s society. The cryptocurrency has shown its resilience over time by never losing more than 40% value since it was created six years ago! The coin has historically performed well in October, with the world’s largest digital asset up nearly 50% this year alone.
“Bitcoin performs historically well in October, which almost makes the rising BTC price now a self-fulfilling prophecy. I’ve been saying repeatedly since the summer that I expect a new ATH in October. So, what is the reason for this new pump? I think it’s partly due to the market cycle we’re in, where the emotional part plays a significant role. Therefore, news like the Bank of America announcing its crypto research has had a dramatic knock-on effect on market sentiment,” Ruud Feltkamp, CEO of Cryptohopper, a cloud-based automated crypto trading bot.