The recent bullish run in the crypto-verse suddenly struck the world’s flagship crypto asset. BTC just recently hit pass the $11,500 price level coupled with BTC activity hitting a 2.5 year high.
With 18.7 million unique active BTC addresses in July, Bitcoin network activity is on the rise and at levels not seen in over 2.5 years.
In Bitcoin’s history, July’s number has only been topped by two months: December 2017 and January 2018.
In Bitcoin's history July's number has only been topped by two months: December 2017 and January 2018.
— glassnode (@glassnode) August 1, 2020
How BTC wallets activity was tracked: It’s important to note that BTC is not really anonymous, because all BTC transactions are kept permanently and publicly on the blockchain or ledger system. This makes it very easy for anyone to see the transactions and balances of any BTC address.
The price of the world flagship currency according to data retrieved from Coinmarketcap shows its trading above the $11,500 price levels for the first time in 12 months as crypto traders believe there are lots of open ranges between $11,600 and $15,000.
What you need to know: The price of Bitcoin (BTC) has surged pass $11,600 for the first time in 12 months buoyed by bullish bias recently recorded in the BTC market. As BTC/USD demonstrates a strong upward move, investors now believe there is little resistance until it reaches $15,000.
Nearly 95% of bitcoins in wallets are in profit, and still climbing. We typically see this red-line in the main part of the bull run to the top.
Despite $BTC’s recent price surge, we haven’t seen large-scale deposits of funds into exchanges.
So far, the Bitcoin balance on exchanges remains stable – at around 14.5% of the circulating BTC supply.