Bitcoin continues with its profit-taking despite a new record of millionaires

Bitcoin continues with its profit-taking despite a new record of millionaires

Bitcoin continues the profit-taking movement that has been unleashed after the world’s largest cryptocurrency hit a milestone not seen since May just before closing July. The price shot up to $42,500, a level from which a correction has begun that has brought the digital asset to the vicinity of $38,000, but various data on activity on the network send clearly bullish signals.

The world’s most valuable digital currency saw an increase in blockchain activity in the last week, as the total number of active bitcoin addresses skyrocketed by almost 30%.

According to the latest data released by cryptocurrency analytics platform Glassnode, active bitcoin entities per day increased from 250,000 to approximately 325,000 over the preceding seven days. This jump was mainly driven by the recent milestone in the price of the world’s largest cryptocurrency.

The “bitcoin has seen a resurgence of active entities during the past week, increasing 30% of active entities per day. This degree of activity was maintained in July 2020, when the prices of the digital currency were around 11,300 dollars. in the second quarter of 2020″, explained Glassnode.

In addition to the latest jump in the price and active addresses of bitcoin, cryptocurrency millionaires accelerated their accumulation in recent days. According to blockchain tracking firm Santiment, the ‘whale’ addresses of Satoshi Nakamoto’s creation added nearly 170,000 coins in the last 4 weeks.

“At the time of this writing, bitcoin addresses that currently have between 100 and 10,000 BTC now collectively have 9.23 million coins in their wallets, which is a new all-time high for this group,” says this firm. The previous all-time high came on April 5, just a week before the price of bitcoin hit its all-time high of nearly $65,000.

In the last four weeks, these addresses have accumulated approximately 170,000 more bitcoins. “This staggering pace was last matched at the end of December 2020, just before a huge bull run began in 2021 in which prices jumped from $29,000 to $40,800 in the first week of the year,” Santiment said. in his latest report on bitcoin.