Bitcoin Crosses $48,000 after Strong Network Activity

Bitcoin, the world’s largest cryptocurrency, surpassed the price level of $48,400 on Thursday after a significant jump in its network activity. Despite the recent volatility, BTC whale accounts accumulated nearly 60,000 Bitcoin in the last 3 days.

According to Glassnode, the mining rate of Bitcoin is now up by approximately 54% from the recent lows in July 2021. Yesterday, Finance Magnates reported a sharp decline in the overall BTC balance of leading digital exchanges after crypto whales moved the world’s largest digital asset in large amounts from exchanges to unknown wallets and cold storage.

“Bitcoin mining Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term has now recovered by 54% from the 2021 lows. Approximately half of the mining network went offline in May, as the full impact of the Great Mining Migration was felt. This recovery suggests that around a quarter of the peak hash-rate remains offline,” Glassnode mentioned.

The price of Bitcoin saw a substantial jump in 2021 as BTC jumped from $29,000 on 1 January to as high as $64,000 on 14 April. Despite the price correction in June and July, Bitcoin is still up by more than 60% in the last 8 months.

Bitcoin Accumulation

BTC millionaires remained active in September due to price volatility. After a dump of nearly 70,000 Bitcoin between 6 September and 9 September, BTC whales expanded their holdings with the accumulation of 60,000 coins in the last 72 hours.

“Bitcoin millionaires holding 100 to 10k BTC dumped 70k BTC between Sep. 6th & 9th, and the price dropped -14.7% by the 10th. These same whales have now accumulated 60k BTC back the past 3 days, and the price is back up 5%,” on-chain Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term platform Santiment highlighted in a recent Tweet.

Bitcoin jumped by nearly 4% in the last 24 hours as its market cap surged above $900 billion. However, its overall crypto market dominance decreased during the mentioned period due to a significant jump in Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Uniswap (UNI), Dogecoin (DOGE), and XRP.