The price of Bitcoin has recently climbed above $28,000 as non-zero Bitcoin addresses reached their highest count in five years.
In Brief
In the last 24 hours, the market capitalization of Bitcoin has surged by about $27 billion as traders took advantage of the recent upward trend globally.
Bitcoin's capitalization has seen a growth of $27 billion within less than a day as it climbed over the $28,000 mark.
Since May 11, Bitcoin, leading the market, has been fluctuating between $26,700 and $27,100. However, following the recent rally, it saw a 3% uptick in just 24 hours, reaching approximately $28,025 on May 29, marking a staggering 65% increase within a day, and pushing its total market cap over $543 billion.
The overall cryptocurrency market has experienced a growth of 2.35% in the last day, now standing at $1.162 trillion, a significant contributor to Bitcoin’s price surge as noted by CMC. CoinMarketCap This price upswing correlates with a new record in the number of Bitcoin addresses, which has reached an all-time high of 47,220,463. Despite fluctuations in price, the number of wallets continues to grow alongside the persistent expansion of Bitcoin.
An estimated 7,725,079 Bitcoins are presumed to be lost or tied to inactive addresses, reflecting a significant portion of the coin's ecosystem. reported Glassnode data Analysis from Glassnode reveals that over 60% of Bitcoin in circulation appears to be inactive. This suggests that many investors are holding their assets without frequent trading, awaiting a potential surge in market activity.
Typically, traders prefer to hold their coins for short periods while actively engaging in transactions on exchanges. Glassnode data , marking a fiveyear high.
- For several weeks, Bitcoin has been stuck in a restrictive price interval near $23,400, showing limited movement. High-volume Bitcoin markets are heating up with expectations that BTC is on the verge of breaking through the $20,000 resistance level.
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