Bitcoin Fights to Reach $30K Milestone Amidst Surging Network Activity

"Bitcoin's Network Sees Significant Growth as 512K New Addresses Join, says Crypto Trader Ali"

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.

It is important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence before making any investment decisions. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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.

Martin Reid

Martin Reid

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