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<p class="is-style-lead">The global capitalization has surged by roughly $27 billion in less than 24 hours as bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) rallied above $28,000.</p>



<p>The largest cryptocurrency by market cap, BTC, has been consolidating between $26,700 and $27,100 since May 11. However, with the recent global hike, the coin is now up 3% in the past 24 hours.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="1011" height="602" src="https://crypto.news/app/uploads/2023/05/BTC-price-May-29.png" alt="Bitcoin’s price surges past $28k as non-zero BTC addresses reach 5-year high - 1" class="wp-image-14162357"><figcaption class="wp-element-caption">BTC price &#8211; May 29 | Source: Trading View</figcaption></figure>



<p>When writing on May 29, bitcoin is trading at around $28,025. Its 24-hour trading volume is up 65%, surpassing the $16 billion mark, pushing BTC&#8217;s market capitalization above $543 billion.</p>



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<p>According to <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">data</a> provided by CoinMarketCap (CMC), the rise in bitcoin’s price comes as the global crypto market capitalization grew by 2.35% in the past 24 hours, reaching $1.162 trillion.</p>



<p>The surge in prices coincides with news Glassnode data revealing that the number of non-zero <a href="https://crypto.news/dubai-deepens-crypto-ties-with-proposed-bitcoin-tower-hotel/">Bitcoin</a> addresses is at a new all-time high (ATH) of 47,220,463. The number of wallets holding <a href="https://crypto.news/stably-usd-stablecoin-enters-bitcoins-on-chain-economy/">BTC</a> slightly dropped in late April but has been constantly growing despite suppressed prices.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="742" height="767" src="https://crypto.news/app/uploads/2023/05/BTC-non-zero-addresses.png" alt="Bitcoin’s price surges past $28k as non-zero BTC addresses reach 5-year high - 2" class="wp-image-14162360"><figcaption class="wp-element-caption">Non-zero Bitcoin addresses &#8211; May 29 | Source: <a href="https://twitter.com/glassnodealerts/status/1663036261467136001?t=kJA5ZrcvExYl5zpjibvFwQ&amp;s=19" target="_blank" rel="noopener">Glassnode&#8217;s Twitter</a></figcaption></figure>



<p>On the other hand, GlassNode data shows that the total number of BTC assumed to be lost or held in dormant addresses stood at 7,725,079 bitcoins, marking a five-year high.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="742" height="790" src="https://crypto.news/app/uploads/2023/05/Bitcoins-lost-or-HODLed.png" alt="Bitcoin’s price surges past $28k as non-zero BTC addresses reach 5-year high - 3" class="wp-image-14162362"><figcaption class="wp-element-caption">BTC lost or HODLed &#8211; May 29 | Source: <a href="https://twitter.com/glassnodealerts/status/1663036266307280896?t=L4e7XXxbBSXOnQ-RwKSW1w&amp;s=19" target="_blank" rel="noopener">Glassnode&#8217;s Twitter</a></figcaption></figure>



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Bitcoin’s price surges past $28k as non-zero BTC addresses reach 5-year high

crypto.news

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