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The global capitalization has surged by roughly $27 billion in less than 24 hours as bitcoin ($BTC) rallied above $28,000.
The largest cryptocurrency by market cap, $BTC, has been consolidating between $26,700 and $27,100 since May 11. However, with the recent global hike, the coin is now up 3% in the past 24 hours.
When writing on May 29, bitcoin is trading at around $28,025. Its 24-hour trading volume is up 65%, surpassing the $16 billion mark, pushing $BTC’s market capitalization above $543 billion.
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According to data provided by CoinMarketCap (CMC), the rise in bitcoin’s price comes as the global crypto market capitalization grew by 2.35% in the past 24 hours, reaching $1.162 trillion.
The surge in prices coincides with news Glassnode data revealing that the number of non-zero Bitcoin addresses is at a new all-time high (ATH) of 47,220,463. The number of wallets holding $BTC slightly dropped in late April but has been constantly growing despite suppressed prices.
On the other hand, GlassNode data shows that the total number of $BTC assumed to be lost or held in dormant addresses stood at 7,725,079 bitcoins, marking a five-year high.
