Bitcoin bulls are back with a significant price rally. BTC’s retail and institutional demand are on the rise again as the world’s largest cryptocurrency crossed the price level of $50,000 for the first time since May 2021.
The latest data published by Coinmarketcap shows that the total market cap of Bitcoin now stands at around $950 billion, compared to $550 billion in May 2021. BTC’s current crypto market dominance stands at around 43.8%.
Apart from Bitcoin, several other cryptocurrency assets saw substantial gains in the last 24 hours. The most prominent one is Cardano (ADA), which is currently trading near its all-time high of $2.80. Ethereum, BNB, XRP and DOGE also saw a surge in demand during the last 24 hours.
Due to the latest jump in Bitcoin and other digital currencies, crypto liquidations have increased sharply since yesterday. According to the on-chain Analytics and crypto data firm Bybt.com, approximately $150 million worth of short crypto positions were liquidated in the last 24 hours. Bitcoin accounted for liquidations of nearly $80 million worth of short BTC positions.
Bitcoin Network Activity and Institutional Demand
Active Bitcoin addresses, BTC whale activity, mining revenues and institutional interest jumped substantially in the last seven days. Last week, Finance Magnates reported a sharp increase in BTC mining revenues after the BTC network’s mining rate reached a high of 112.5 EH/s, compared to the low of 90 EH/s in July 2021. Furthermore, Bitcoin millionaires increase their BTC accumulation since the start of August 2021. “Bitcoin millionaire addresses holding between 100 and 10,000 BTC aren’t showing profit-taking signs on this surge we’ve seen over the past couple weeks. These holders hold a combined 9.23M BTC now, which matches their all-time high held on July 28,” the crypto analytics firm, Santiment highlighted in a recent tweet.
Coinbase, one of the largest crypto exchanges, announced last week that the company is planning to invest $500 million in Bitcoin and other digital currencies.
