Bitcoin

Read

Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has witnessed high volatility over the past month, but with the current whale movements, the flagship cryptocurrency gained a bullish moment. 
According to data from Santiment, Bitcoin whale transactions, consisting of at least $1 million worth of BTC, saw a sudden rise over the past 24 hours. Data suggests that the whale transaction count rose from 1,013 on Aug. 7 to 1,579 at the time of writing. 
<figure class="wp-block-image size-full"> 
 <img decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2023/08/Bitcoin-BTC-12.36.59-08-Aug-2023.png" alt="BTC price, whale transactions, MVRV ratio, and active addresses | Source: Santiment" class="wp-image-14183800"> 
 <figcaption class="wp-element-caption">
 BTC price, whale transactions, MVRV ratio, and active addresses | Source: <a href="https://app.santiment.net/charts/btc-mvrv-1m-whale-transactions-and-active-addresses-21266" target="_blank" rel="noopener noreferrer nofollow">Santiment</a> 
 </figcaption> 
</figure> 
While the rise in whale activity usually suggests high volatility, the number of active Bitcoin addresses reached a 26-day low of 18.23 million, per the market intelligence platform. 
The active wallet count is still up by around 240,000 over the past 30 days when BTC traded at $30,250. 
 You might also like: <a href="https://crypto.news/bitcoin-prices-must-break-100000-for-crypto-miners-to-stay-profitable/" rel="noopener noreferrer nofollow"> Bitcoin prices must break $100,000 for crypto miners to stay profitable </a> 
Moreover, another indicator, the Market Value to Realized Value (MVRV) ratio, suggests that Bitcoin is currently undervalued by 1.6%. Per Santiment’s data, the flagship cryptocurrency must reach the $29,600 mark to hold its real value. 
Bitcoin is up by 0.4% in the past 24 hours and trading at around $29,150 at the time of writing. The bullish momentum comes as the asset’s 24-hour trading volume spiked by 65%, reaching $13.63 billion. 
Historically, Bitcoin’s movement in the green spot has usually brought the broader crypto market to the bull spot. With BTC’s upward acceleration, the global cryptocurrency market capitalization <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener noreferrer nofollow">rose</a> by 0.35%, surpassing $1.163 trillion, per CoinMarketCap (CMC). 
According to a report on Aug. 5, the Bitcoin price must surpass the $100,000 mark for BTC miners to stay profitable in 2024. The analysis comes while BTC’s price fell four times below the $29,000 mark over the past month. 
 Read more: <a href="https://crypto.news/bitcoin-outside-exchanges-hit-new-ath-price-still-down/" rel="noopener noreferrer nofollow"> Bitcoin outside exchanges hits new ATH, price still down </a>

Bitcoin turns green as large whales make moves

crypto.news

Other articles published on Aug 8, 2023

Will Ethereum (ETH) Above $1,900 Mark Soon?

PayPal’s New Stablecoin Under Scrutiny Before Launch: Ripple CTO Defends Security Feature

Experts Are Optimistic Bitcoin Will Cross $100,000 Before April 2024 – But BTC Halving is Not Jus...

ADA Accumulation Reaches Its Highest Level Since September 2022

Algorand (ALGO) Price Prediction 2024, 2025, 2026-2030

TRON Receives Support from Huawei Web 3.0 Node Engine Service

Join our free newsletter for daily crypto updates!