Bitcoin Holds $900 Billion Market Cap Level
Bitcoin stayed above the market capitalization of $900 billion on Friday after the world’s largest digital asset held the price level of $48,000. BTC is up by nearly 4% in the last seven days, but its network activity jumped significantly during the mentioned period.
Santiment, one of the leading on-chain analysis firms, recently highlighted a substantial jump in the overall movement of unique tokens on the Bitcoin network. On 15 September, BTC circulation touched its highest level in more than six weeks.
“Bitcoin now sits at $48.1k following a volatile couple of weeks to open September. Notably, the number of unique tokens moving on the BTC network, known as token circulation, is up big. Wednesday saw 187.91 unique coins moved, the most since July 29,” Santiment mentioned.
The price of Bitcoin saw a strong recovery in the last few days after a significant correction on 7 September. At the start of this week, BTC touched a low of $43,800 but recovered quickly to regain the price level of $48,500. At the time of writing, Bitcoin is trading near $48,200 with a market cap of more than $905 billion.
Despite the latest volatility, long-term Bitcoin holders accelerated BTC accumulation this week. BTC millionaire addresses holding between 100 and 10,000 BTC accumulated more than 60,000 coins this week. On the other hand, MicroStrategy, one of the largest business intelligence firms, expanded its Bitcoin portfolio with the addition of 5,050 BTC.
“Despite volatility to both upside and downside, older Bitcoin holders appear unshaken. Spent Volume Age Bands (SVAB) show that over the last two weeks, old hand (>1yr) BTC spending has fallen to multi-year lows. This shows conviction to HODL,” Glassnode highlighted.
The overall market cap of digital currencies remained stable in the last 24 hours at $2.17 trillion. Bitcoin is the world’s most dominant digital asset as BTC accounts for more than 41% of the total market value of cryptocurrencies.
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