Bitcoin’s active addresses have surged to a three-week high, reaching 960,000, marking the first time such a level has been attained since May 3. This increase in activity has led to a rise in the crypto’s price, which has increased by 3.0% within the last 24 hours to $28,032 on CoinGecko. Bitcoin whales, those holding 10,000 or more BTC, have also resumed aggressive accumulation, suggesting renewed confidence in Bitcoin’s long-term potential. The crypto market has also seen liquidations surpassing $118 million within the last 24 hours. These developments introduce a level of uncertainty and drive market participants towards alternative investments such as Bitcoin.
This article originally appeared on www.newsbtc.com
Bitcoin bulls are back in action, as the price of BTC has surged back up to the $28K level. The cryptocurrency had been trading in a narrow range over the past week, but a sudden surge in buying pressure has pushed prices higher.
Bitcoin has been on a rollercoaster ride in recent weeks, with prices falling sharply from $64K to $30K in a matter of weeks. Many analysts feared that the cryptocurrency’s bull run was over, and that Bitcoin was in danger of dropping further.
However, the bulls have now staged a comeback, with Bitcoin prices rallying over 20% in the past few days. This sudden surge has been driven by a number of factors, including renewed interest in the cryptocurrency from institutional investors, as well as increased buying pressure from retail traders.
One of the most significant factors driving the recent rally has been the growing acceptance of Bitcoin as a legitimate asset class. More and more large financial institutions are now investing in Bitcoin, including hedge funds, family offices, and even some traditional banks.
At the same time, the demand for Bitcoin from retail traders continues to grow. Many people are now looking at Bitcoin and other cryptocurrencies as a hedge against inflation, as well as a potential long-term investment.
Of course, as with any investment, there are risks associated with investing in Bitcoin. The cryptocurrency remains highly volatile and is prone to sudden price swings. Additionally, regulatory changes and other factors could impact the value of BTC in the future.
Despite these risks, however, many investors believe that Bitcoin has significant long-term potential. As more and more institutions enter the market, and as the demand from retail traders continues to grow, it seems likely that Bitcoin will continue to play an important role in the financial landscape.
If you are considering investing in Bitcoin, it’s important to do your research and to understand the risks involved. While the recent surge in prices is certainly promising, there are no guarantees when it comes to the cryptocurrency market. However, for those who are willing to take on the risk, Bitcoin could prove to be a lucrative investment over the long term.