On-chain metrics indicate notable hikes for the flagship cryptocurrency amid unreliable market conditions.
Bitcoin is up by 1.17% in the past 24 hours and is trading at $26,875 at the time of writing. The asset’s market cap has reached $524 billion for the first time since Aug. 30. Its 24-hour trading volume has surpassed the $8.6 billion mark.
BTC price, whale activity, supply on exchanges and velocity – Sept. 18 | Source: Santiment
According to data from the market intelligence platform Santiment, BTC whale transactions plunged by around 10% despite its high trading volume — currently at 4,188 transfers. This indicates that smaller investors rather than sharks and whales could have triggered the recent bullish momentum.
Moreover, the total amount of Bitcoin supply on exchanges dived to 1.15 million coins, showing signs of self-custodial accumulation after consistently declining since Sept. 7, per Santiment.
Data from the market intelligence platform shows that a single Bitcoin changed addresses 3.2 times on average over the past 24 hours.
Furthermore, data provided by Glassnode revealed that the numbers of receiving and new Bitcoin addresses have reached 40,475 and 26,808, respectively.
Per Glassnode, both indicators have reached five-year highs, while the broader crypto market is uncertain.
This article was originally published on Crypto.news
Source: Cryptocurrency - investing.com
