Leading cryptocurrency Bitcoin (BTC) has seen certain wallets increase their holdings as the price moved towards the $40,000 range, coinciding with recent movements and sparking significant debates.
Bitcoin Wallets on the Rise
When considering accounts holding 1,000 or more Bitcoin, there has been a significant increase in the last few weeks. Glassnode’s chart analysis indicates a steady accumulation trend, reaching the highest point in over a year. At the time of writing, the number of these wallets exceeded 8.5 million. The trend line of the chart also points to further price increases. Additionally, data from IntoTheBlock showed an increase in the volume of BTC accumulated by these wallets.
There have also been fluctuations in the number of new addresses on the Bitcoin network in recent weeks. However, according to Glassnode‘s data, there has been a noticeable increase in the last 24 hours. The analysis of the figures showed an increase from approximately 447,000 to around 557,000. While the specific wallet categories of these new addresses remain uncertain, the increase reflects strong growth in the network.
The expansion of new addresses and the increase in wallets holding 1,000 or more Bitcoin could mean significant growth for the Bitcoin network. Moreover, there has been a notable rise in the total number of holders in recent weeks. According to Santiment’s chart analysis, there has been an increase of over 100,000 holders since the beginning of the month.
As of December 1, the number of holders was around 50.9 million, and it surpassed 51 million at the time of writing. This increase in the total number of holders has led to a significant change in Social Dominance. Santiment’s analysis of the social dominance chart showed an increase of nearly 32% in the last 24 hours.
Bullish Trend in Bitcoin
This situation indicates that Bitcoin has dominated approximately 32% of cryptocurrency discussions in the last 24 hours. The growing metrics collectively suggest an emerging bullish trend. Recent analysis of the daily time frame chart provided additional information on the fundamental factors behind the positive trends. The chart revealed a notable bullish trend in Bitcoin’s price over the last few days.
At the time of writing, there was an increase of more than 3.9%, reaching a trading value above $41,000. This price level had not been seen for over a year, which could indicate one of the strongest bullish trends in recent times. Moreover, the ongoing bullish trend shows that BTC has gained about 9% in value over the last four days.
