Bitcoin’s Price Surged Past $28,000 as Non-Zero Bitcoin Addresses Reached 5-Year High
In Brief
The global capitalization of Bitcoin has surged by roughly $27 billion in the past 24 hours as traders have capitalized on the recent global rally.
$27 billion has been added to the global capitalization of Bitcoin in less than 24 hours as Bitcoin (BTC) rallied above $28,000.
Since May 11, the largest cryptocurrency by market cap, BTC, has been consolidating between $26,700 and $27,100. However, since the recent global hike, the coin has increased 3% in the past 24 hours. The price of Bitcoin on May 29 is compared to that of a standard Bitcoin. On May 29, bitcoin was trading at around $28,025, with a 65% increase in 24 hours, pushing its market capitalization above $543 billion.
The global cryptocurrency market size has grown by 2.35% in the past 24 hours to $1.162 trillion, according to CoinMarketCap (CMC), which accounts for nearly 90% of Bitcoin’s price rise.
The price increase is due to a new all-time high in Bitcoin addresses (ATH) of 47,220,463, reported Glassnode data. Despite reduced prices, wallets are constantly growing despite the constant expansion of BTC.
7,725,079 bitcoins were assumed to be lost or inactive BTC addresses in Glassnode data, marking a fiveyear high.
- The Glassnode analysis indicates that more than 60% of Bitcoin currently in circulation is dormant. The analysis assumes that investors who do not regularly trade their holdings are holding these coins and awaiting a potential market breakout. High-volume traders typically store their coins short-term but trade actively on exchanges.
Read more related articles:
- For the past few weeks, Bitcoin (BTC) has been languishing in a tight price range of approximately $23,400
- Bitcoin Markets: BTC set to break past the $20,000 resistance level
- MPost Markets: Ether price reaches $1,481
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
