Bitcoin Crosses $48,000 after Strong Network Activity

BTC mining hash rate has recovered substantially since June 2021.

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 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.

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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 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.

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