Trade Cryptocurrency Profitably

Bitcoin experiences fluctuations in its value and market capitalization: analysis of its recent behavior

  • The number of non-zero bitcoin addresses hits an all-time high of 45.5 million
  • Bitcoin Miner Outflow marks a 1-month low, a bullish sign according to Glassnode
  • Despite BTC Bull Rush, Total Crypto Market Cap Declines By $23 Billion In Less Than A Week

The world’s largest cryptocurrency, Bitcoin (BTC), has been experiencing significant ups and downs in value over the past three weeks. Specifically, the value of Bitcoin (BTC) has hovered around the $28,000 mark, while the global crypto market capitalization has declined by $23 billion in less than a week.

Bitcoin Bullish Momentum

Despite these ups and downs, BTC is currently trading at $28,300, up 1.4% over the past 24 hours.

The price increase can be attributed to the record number of non-zero bitcoin addresses, which reached its all-time high of 45.5 million, according to data provided by Glassnode.

Improvement in BTC chain activity

According to data provider Glassnode, BTC on-chain activity is also “getting better.” Also, the Bitcoin Miner outflow has hit a one-month low, indicating a bullish sign.

Data shows that approximately $3.6 billion worth of bitcoins have moved onto exchanges, while more than $3.5 billion worth of coins have been withdrawn in the last seven days. This shows a positive flow of $52.2 million to the platforms.

Decrease in total crypto market capitalization

While BTC has been on a bull run, the total crypto market capitalization has declined from its local high of $1.207 trillion on April 5 to $1.184 trillion at the time of writing. This decline represents a loss of $23 billion, according to data from CoinMarketCap.

Bitcoin and Ethereum market share

Currently, Bitcoin has a 46.2% share of the total market capitalization, while Ethereum (ETH), the second largest crypto asset, has an 18.9% share.

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