Bitcoin (BTC), the world’s most valuable digital currency, is currently enjoying a significant bull run as the price of BTC is up by more than 50% in the last 4 weeks. Due to the latest jump in price, BTC’s whale activity has increased rapidly in August 2021.
Whale Alert, a leading Blockchain tracking firm, highlighted the movement of nearly $292 million worth of Bitcoin from digital exchange Binance to crypto wallet Xapo on 25 August 2021. According to the recent data posted by Whale Alert, Bitcoin millionaire address transferred 6,000 BTC from Binance yesterday at 16:06 UTC.
Earlier this week, Finance Magnates reported a surge in BTC spending by long-term Bitcoin holders. According to the latest report by Glassnode, the percentage of old BTC spent on-chain increased sharply in the last few days.
Commenting on the recent price movement of Bitcoin and its network activity, Alexandra Clark, Sales Trader at GlobalBlock, said: “Whilst uncertainty remains for bitcoin in the short-term, its long-term future is clear, with professionals and academics stating that bitcoin, and digital assets more generally, will replace fiat currencies over the next five to ten years. Many institutions are already scrambling to adopt crypto and blockchain technology in a bid to retain competitive advantage.”
Bitcoin’s Price Action
At the start of this week, Bitcoin crossed the price level of $50,000 for the first time in 13 weeks. Despite the recent 5% correction, the world’s largest cryptocurrency is still trading above $47,000 with a market cap of $900 billion. The latest jump in the price of BTC is mainly due to a rise in its institutional and retail demand. MicroStrategy, one of the largest institutional holders of Bitcoin, recently expanded the company’s BTC portfolio with the acquisition of 3,907 coins. MicroStrategy now holds more than 108,000 BTC with a combined value of over $5 billion.
The total market cap of cryptocurrency assets currently stands at around $2 trillion.
