Yesterday, Bitcoin managed to stay above $23,000 after weekly gains of approximately 7%. Amid a price jump, the Bitcoin network activity has witnessed a sharp increase in the past few days. According to the data published by Glassnode, non-zero BTC addresses touched an all-time high of 42.6 million on 31 July 2022.
Additionally, profitability across the Bitcoin network has spiked in the past few days. Glassnode’s data indicates that more than 25.6 million BTC addresses are now in profit, which is the highest level in one month. The number of Bitcoin addresses holding at least 0.1 BTC reached an all-time high of 10.5 million on 1 August.
“Number of BTC addresses in profit (7d MA) just reached a 1-month high of 25,668,655.304. The previous 1-month high of 25,667,666.042 was observed on 25 July 2022,” Glassnode highlighted in a recent tweet.
On 1 August 2022, the total number of crypto addresses holding at least 1 Bitcoin touched an all-time high of 891,234, compared to 888,262 on 23 July. However, the overall number of large Bitcoin addresses is shrinking. According to Glassnode, the number of crypto addresses holding at least 1,000 BTC touched 2,135 on Monday, which is the lowest level in five months.
Sustainable Rally?
Commenting on the latest surge in crypto prices and sustainability across the digital asset ecosystem, Farah Mourad, the Senior Market Analyst at XTB MENA, said: “Cryptocurrencies traded higher after the Fed’s policy announcement, which fueled both indices and other high-risk assets.”
“After Bitcoin soaring above USD 23,000, and Ethereum above USD 1,600 the total market capitalization is back above US$1 trillion, 'traditionally' major altcoins like Uniswap and BCH, strongly followed. The less hawkish tone has led to the liquidation of nearly USD 202 million worth of short positions in crypto. Now with a negative GDP reading (-0.9% vs 0.5% expectations), cryptocurrencies remain extremely volatile instruments, while mixed fundamental news of its own keeping the waves high,” she added.
