After the $48,000 price mark, Bitcoin managed to stay above $900 billion in market capitalization on Friday. BTC has risen by almost 4% over the past seven days, however its network activity increased significantly during that period.
Santiment, a leading on-chain analysis firm, recently reported a significant jump in the movement of unique tokens on Bitcoin network. BTC circulation reached its highest point in six weeks on 15 September.
After a volatile few weeks, Bitcoin now stands at $48.1k. The number of tokens that are moving on the BTC network (known as token circulation) is increasing. Wednesday’s transaction saw 187.91 unique tokens move, the highest since July 29,” Santiment stated.
After a significant correction on September 7, Bitcoin’s price saw a strong recovery over the past few days. BTC dropped to $43,800 at the beginning of the week but quickly recovered to the $48,500 price. Bitcoin trades at $48,200, with a market cap exceeding $905 billion as of the writing of this article.
The latest Volatility VolatilityIn Finance, volatility refers…Read this Term, Bitcoin long-term holders have accelerated BTC accumulation in the past week. BTC millionaire addresses that hold between 100 and 10,000 BTC have accumulated more than 60.000 coins this week. MicroStrategy, a major business intelligence firm, has expanded its Bitcoin portfolio by adding 5,050 Bitcoins.
“Older Bitcoin holders seem unshaken despite volatility on both the upside and the downside. The Spent Volume Age Bands of Bitcoin (SVAB), which measure the spending habits of older users (>1 year old) over the past two weeks, show that BTC spending has fallen at multi-year lows. Glassnode stated that this shows conviction in HODL.
In the last 24 hours, the overall market cap for digital currencies was $2.17 trillion. Bitcoin is the most important digital asset in the world, accounting for 41% of the global market value of Cryptocurrencies.