Guess what’s cooking in the crypto realm? Big Bitcoin whales are starting to make some waves! Recent data from Santiment, the market intelligence guru, reveals a sudden swell in large Bitcoin transactions. We’re talking about a $1 million-plus worth of BTC kind of large! Over the past day, these heavy hitters have gone from a cool 1,013 to a whopping 1,579 transactions. Yep, that’s right!
This surge in activity from the whales usually signals a bit of a rough sea ahead. That’s volatility for ya! Despite this, there’s a bit of a paradox. The number of active Bitcoin addresses hit a 26-day slump, dropping to a modest 18.23 million. But hey, let’s not fret too much. This figure still shows a healthy increase of around 240,000 in the last 30 days, during which BTC was trading at a humble $30,250.
Now, let’s put our investor hats on. The Market Value to Realized Value (MVRV) ratio, a pretty handy little metric, is whispering to us that Bitcoin is, in fact, 1.6% undervalued at the moment. According to our friends at Santiment, BTC needs to hustle up to the $29,600 mark to hit its actual worth.
In the past day, Bitcoin has been stirring, lifting its head by 0.4% and settling at about $29,150. Alongside this optimistic wave, there’s been a surge in trading volume, with a mammoth 65% increase. The trading tide has reached a staggering $13.63 billion!
Historically speaking, when Bitcoin starts strutting its stuff in the green zone, the wider crypto market often joins the party. With BTC’s recent sprint upwards, the overall cryptocurrency market capitalization nudged up 0.35%, crossing the $1.163 trillion mark, according to CoinMarketCap (CMC).
Let’s not forget an intriguing report from Aug. 5. It suggested that for Bitcoin miners to keep their heads above water in 2024, the BTC price needs to smash the $100,000 ceiling. This assertion came to light while BTC’s price took a nosedive four times below the $29,000 mark within the last month.
So, folks, it looks like we’ve got quite a thrilling journey ahead in the world of Bitcoin! Hang onto your seats and let’s ride this wave together!
