Bitcoin, the world’s most valuable cryptocurrency asset, is currently enjoying a major bullish rally that resulted in a price jump of nearly 25% in the last seven days. Due to the recent activity, the total number of Bitcoin addresses in profit has attained its highest level in approximately 1 month.
The recent data published by Glassnode, an on-chain market analysis firm, shows that the total number of BTC addresses in profit (7d MA) reached a 1-month high of 34,076,915 on 8 October 2021. Moreover, Bitcoin entities in profit leapt to 94.3% recently.
“Entities in Profit has risen to 94.3%. Over 16.2% of all on-chain entities have returned to profit since the Sept lows. The last time this many network entities were in profit was before the sell-off in May. Bitcoin’s number of addresses in profit (7d MA) just reached a 1-month high of 34,076,915.411. Previous 1-month high of 34,061,892.458 was observed on 08 September 2021,” Glassnode mentioned.
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In addition, BTC’s on-chain activity including its large transfers shot up sharply in the last few days. On 7 October 2021, a leading crypto wallet moved 1,500 Bitcoin worth over $81 million from an unknown wallet to Coinbase.
October and Bitcoin
Bitcoin’s historic price action shows that the world’s largest digital asset has performed well in the month of October during the last few years.
Commenting on the latest price action of Bitcoin, Ruud Feltkamp, CEO of cloud-based automated crypto trading bot Cryptohopper, said: “Bitcoin performs historically well in October, which almost makes the rising BTC price now a self-fulfilling prophecy. I’ve been saying repeatedly since the summer that I expect a new ATH in October. So, what is the reason for this new pump? I think it’s partly due to the market cycle we’re in, where the emotional part plays a significant role. Therefore, news like the Bank of America announcing its crypto research has had a dramatic knock-on effect on market sentiment.”