Bitcoin

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 <p class="is-style-lead">Bitcoin (BTC) has witnessed high volatility over the past month, but with the current <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> movements, the flagship cryptocurrency gained a bullish moment.</p> 
 <p>According to data from Santiment, Bitcoin <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> transactions, consisting of at least $1 million worth of BTC, saw a sudden rise over the past 24 hours. Data suggests that the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> transaction count rose from 1,013 on Aug. 7 to 1,579 at the time of writing.</p> 
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  <img decoding="async" loading="lazy" width="3840" height="1300" src="https://cdn.thebittimes.com/images/2023/08/08/7008a196c5782255d41a612b5693f633.webp" alt="BTC price, whale transactions, MVRV ratio, and active addresses | Source: Santiment" class="wp-image-14183800"> 
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    BTC price, whale transactions, MVRV ratio, and active addresses | Source: Santiment 
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 <p>While the rise in <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> 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.</p> 
 <p>The active wallet count is still up by around 240,000 over the past 30 days when BTC traded at $30,250.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Bitcoin prices must break $100,000 for crypto miners to stay profitable 
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 <p>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.</p> 
 <p>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.</p> 
 <p>Historically, Bitcoin’s movement in the <a rel="noopener noreferrer nofollow" title="green" href="https://thebittimes.com/tag/green.html">green</a> spot has usually brought the broader crypto market to the bull spot. With BTC’s upward acceleration, the global cryptocurrency market capitalization rose by 0.35%, surpassing $1.163 trillion, per CoinMarketCap (CMC).</p> 
 <p>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 <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> comes while BTC’s price fell four times below the $29,000 mark over the past month.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitcoin outside exchanges hits new ATH, price still down 
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Bitcoin turns green as large whales make moves

TheBitTimes

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