On Saturday, Bitcoin addresses holding at least one BTC touched an all-time high of 888,262. Based on the current price level of Bitcoin, each wallet has more than $22,000 worth of cryptocurrency.
Additionally, whale Bitcoin addresses have surged in the past few weeks. According to Glassnode, an on-chain analytics platform, 101 addresses on the BTC network now have at least 10,000 coins, which is the highest level in 4 weeks.
Bitcoin saw a strong recovery in the past week after a dip of nearly 70% in the last seven months. As a result of BTC’s recent comeback, the total number of BTC addresses in loss reached 17 million on Friday, which is the lowest level in one month.
In addition to whale accounts, activity across small BTC addresses has spiked in the last few days. The “number of BTC addresses holding 0.01+ coins just reached an ATH of 10,535,795. The previous ATH of 10,535,325 was observed on 20 July 2022,” Glassnode highlighted in a Tweet on 22 July 2022.
Bitcoin and Ethereum
In terms of weekly gains, Bitcoin jumped by more than 10% while Ethereum saw a sharp surge of over 30%.
Commenting on the latest price action across the crypto market, Farah Mourad, the Senior Market Analyst at XTB MENA, said: “For now, the more likely scenario, the cryptocurrency market's gains will be supported as long as we continue to see the recovery in the stock market, and a reduction in recession and geopolitical tension fears. Nonetheless, during a rebound in the cryptocurrency market, it is worth taking an interest in smaller projects. Bitcoin and Ethereum turning to safe haven in the crypto world, smaller projects can provide higher volatility for those looking for bigger waves to surf.”
On Saturday, the crypto market cap reached the level of $1.05 trillion.
