Markets News Report
May 29, 2023

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.

Bitcoin's price surged past $28,000 as non-zero Bitcoin addresses reached 5-year high

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.

Bitcoin’s Price Surged Past $28,000 as Non-Zero Bitcoin Addresses Reached 5-Year High
Source: Glassnode

7,725,079 bitcoins were assumed to be lost or inactive BTC addresses in Glassnode data, marking a fiveyear high.

Bitcoin’s Price Surged Past $28,000 as Non-Zero Bitcoin Addresses Reached 5-Year 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.

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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 Asti
Nik Asti

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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