Bitcoin Reaches All-Time High in a Critical Metric: Is BTC Preparing for a New Rally?
According to the latest data shared by crypto analysis platform Glassnode, a critical metric in Bitcoin has reached a new record. The number of addresses holding at least 10 BTC has reached 157,460. The previous record for the number of addresses holding at least 10 BTC was recorded on September 20, 2019, according to Glassnode data.
Current Situation of Bitcoin (BTC)
The cryptocurrency market has become active again since the morning hours due to increasing volatility. The leading cryptocurrency Bitcoin (BTC) quickly rebounded after dropping to around $25,400 during the day and briefly surpassed the $29,900 level, coming close to the $26,000 level.
However, BTC could not sustain its upward movement and started trading again around the $26,690 level. With BTC’s decline, most altcoins in the cryptocurrency market experienced various degrees of losses throughout the day.
The total market capitalization of the cryptocurrency ecosystem has fallen to $1.04 trillion, according to CoinMarketCap (CMC) data. Volatility in the cryptocurrency market has also increased compared to the beginning of the week, with approximately $60 million worth of short and long positions liquidated in the past 24 hours, according to Coinglass data.
New Record in a Critical Metric
While the uncertainty in the leading cryptocurrency Bitcoin continues, one of the critical metrics, the number of addresses holding at least 10 BTC, has reached an all-time high according to Glassnode data.
According to Glassnode data, the number of addresses holding at least 10 BTC has reached 157,460. The previous record for the number of addresses holding at least 10 BTC occurred on September 20, 2019, according to Glassnode data. Additionally, there have been significant increases in the number of addresses holding at least 1, 0.1, and 0.01 BTC in their portfolios, according to Glassnode data.
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