Bitcoin’s (BTC) network has seen a surge in growth recently, with 512K new addresses joining the network, according to a tweet by popular crypto trader Ali (@ali_charts). Ali believes that this increase in the number of addresses on BTC’s network may lead to an increase in BTC’s price soon. Glassnode, a blockchain analytics firm, provided the data on the number of new BTC addresses.
In another tweet, blockchain analytics firm Santiment (@santimentfeed) shared that a whale address recently received a 23,500 BTC transaction, worth around $710 million at the time of transfer. This was the fourth-largest recorded transfer of the year, and Santiment believes that large moves like this will become more common as BTC’s price recently broke the psychological $30K barrier. Santiment also shared a snapshot of the recipient whale’s current BTC holdings, which show that the recent transfer has pushed the whale’s total BTC holdings to around $742.2 million.
At the time of writing, BTC’s price is trading just under the $30K mark at $29,922.69, according to CoinMarketCap. The market leader’s price dipped by a slight 0.39% in the last 24 hours, but its weekly price performance remains in the green at +4.67%. BTC has also made its way onto CoinMarketCap’s trending list and currently holds the number one position.
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In summary, BTC’s network activity has picked up recently, with a significant number of new addresses joining the network. Meanwhile, a whale address received a large BTC transaction, indicating that large moves like this may become more common as BTC’s price continues to climb. Despite a slight dip in price over the last 24 hours, BTC’s weekly performance remains positive, and it continues to hold the number one position on CoinMarketCap’s trending list.