BTC Network Activity Picks up as BTC Battles With $30K Mark

  • Santiment data also shows that the 4th largest BTC transfer of 2023 recently took place.
  • The crypto market leader’s price is trading slightly below the $30K mark at press time.

The popular crypto trader Ali (@ali_charts) tweeted this morning regarding Bitcoin (BTC). In the tweet, Ali shared that the market leader’s network has continued its growth recently, with 512K new addresses joining the network.

Number of new BTC addresses (Source: Glassnode)

The trader stated that this increase in the number of addresses on BTC’s network may be followed by an increase in BTC’s price soon.

Meanwhile, Santiment (@santimentfeed), also tweeted this morning regarding BTC. In the tweet, the blockchain analytics firm shared that a whale address was recently the recipient of a 23,500 BTC transaction, which was estimated to be worth around $710 million at the time the transfer was made.

According to the tweet, this was the 4th largest recorded transfer of the year. Santiment’s post also added that large moves like this should grow increasingly common given BTC’s price recently broke the psychological $30K barrier.

BTC whale’s wallet balance (Source: Santiment)

Included in Santiment’s latest tweet is a snapshot of the recipient whale’s current BTC holdings. The snapshot shows that the recent 23,500 BTC transfer has pushed the whale’s total BTC holdings to around $742.2 million in BTC.

At press time, the price of BTC is trading just under the $30K mark at $29,922.69 according to CoinMarketCap. This is after the market leader’s price dipped by a slight 0.39% in the last 24 hours. Nevertheless, BTC’s weekly price performance remains in the green at +4.67% at press time. BTC has also made its way onto CoinMarketCap’s trending list, and currently finds itself in the number 1 position on the list.

Disclaimer: 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. 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.

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