Bitcoin, the world’s most valuable digital currency, saw a surge in its network activity in the last week as the total number of active Bitcoin addresses jumped by nearly 30%.
According to the latest data published by crypto analytics platform, Glassnode, active Bitcoin entities per day increased from 250,000 to approximately 325,000 in the past week. The latest jump in active BTC entities was mainly driven by a substantial spike in the price of the world’s largest cryptocurrency.
Bitcoin touched the high of approximately $42,500 last week after a surge in demand from retail investors. Currently, BTC is trading above $40,000 with a market cap of nearly $756 billion.
“Bitcoin has seen a resurgence in Active Entities over the past week, rising by 30% from 250k to 325k active entities per day. This degree of activity was sustained in July 2020 when BTC prices were around $11.3k in Q2-2020,” Glassnode mentioned.
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Additionally, Bitcoin whale activity increased rapidly in the last week. Finance Magnates recently reported about the transfer of over $1 billion worth of BTC from Coinbase in three different transactions.
In addition to the latest jump in price and active Bitcoin addresses, BTC millionaires accelerated their accumulation in the last few days. According to blockchain tracking firm, Santiment, BTC whale addresses added nearly 170,000 coins in the last 4 weeks.
“As of the time of this writing, Bitcoin addresses currently holding between 100 and 10,000 BTC now collectively hold 9.23m coins in their wallets, which is a new all-time high for this group. The previous all-time high had occurred on April 5th, just one week shy of Bitcoin’s price all-time high of $63.5k. In the last four weeks, these addresses have accumulated approximately 170,000 more BTC. This staggering pace was last matched in late December 2020, right before a massive bull run kicked off 2021 where prices jumped from $29.0k to $40.8k in the year’s opening week,” Santiment mentioned in its latest Bitcoin research report.