Bitcoin’s market value remained above $900 billion on Friday, as the world’s most valuable digital asset retained a value of $48,000. BTC has gained roughly 4% in the previous seven days, but its network activity has increased substantially during that time.
Santiment, a major on-chain research organization, has reported a significant increase in the overall flow of unique tokens on the Bitcoin network. BTC circulation reached its highest level in over six weeks on September 15th.
“Bitcoin now sits at $48.1k following a volatile couple of weeks to open September. Notably, the number of unique tokens moving on the BTC network, known as token circulation, is up big. Wednesday saw 187.91 unique coins moved, the most since July 29,” Santiment stated.
After a big drop on September 7, the value of Bitcoin has seen a remarkable comeback in the following several days. BTC fell to a low of $43,800 at the start of this week but soon recovered to a value of $48,500. Bitcoin is now trading at $48,200, with a market capitalization of over $905 billion.
Owners of Bitcoin
Given the recent volatility, lengthy Bitcoin investors increased their BTC holdings this week. This week, BTC millionaire addresses with between 100 and 10,000 BTC collected almost 60,000 coins. Meanwhile, MicroStrategy, one of the leading business intelligence companies, increased its Bitcoin holdings by 5,050 BTC.
“Despite volatility to both upside and downside, older Bitcoin holders appear unshaken. Spent Volume Age Bands (SVAB) show that over the last two weeks, old hand (>1yr) BTC spending has fallen to multi-year lows. This shows conviction to HODL,” Glassnode stated.
In the previous 24 hours, the total market capitalization of cryptocurrencies has stayed constant at $2.17 trillion. Bitcoin is the most valuable digital asset globally, accounting for over 41% of the entire market capitalization of digital currencies.