After a sharp rise in active BTC addresses, bitcoin adoption has increased significantly in September. Glassnode, a prominent platform for crypto analytics, has published data that shows the total number of Bitcoin addresses with at least one BTC has reached its highest point in four months.
Glassnode revealed that more Bitcoin addresses than 811,000 are holding 1+ Coins. The world’s largest cryptocurrency is held by most of these holders since 2018. Finance Magnates reported yesterday that more than 80% of the Bitcoin circulating supply is owned by long-term Bitcoin holders.
The Bitcoin network has shown mixed results over the past few weeks. Despite the recent rise in BTC accumulation from large addresses on 26 September 2021, BTC Median Transaction volume reached a 9-month low at $514. In the past few days, BTC profit has fallen sharply overall.
Glassnode’s latest weekly on-chain analysis report highlighted a dramatic drop in overall BTC supply by short-term holders. In the past few weeks, BTC supply on prominent cryptocurrency exchanges has dropped significantly.
Bitcoin Price Action
BTC has seen a lot of volatility since September 7, 2021, when the price for the most valuable digital asset in the world dropped from $52,000 down to $40,000 in just two weeks. Bitcoin trades at $42,000 and has a market capitalization of $800 billion as of the writing of this article. BTC is currently at 42.5% of the crypto market.
Glassnode commented on Bitcoin’s volatility and network activity. This sell-off is due to continued industry pressure from regulators, a sell off in equities and challenging conditions in Chinese debt market, as well as yet another Chinese BTC ban. This uncertainty was accompanied by exciting and positive news about El Salvador’s adoption and Twitter’s implementation the Bitcoin Lightning Network.
