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Bitcoin price gains traction as whale activity hikes

Bitcoin price gains traction as whale activity hikes

Bitcoin (BTC) has been consolidating below the $26,000 mark over the past week as the global crypto market condition turned red.

However, with the recent market-wide bullish momentum, BTC whale activity and social dominance have witnessed a significant spike. Bitcoin is up by 0.03% in the past 24 hours and is trading at $25,755 at the time of writing.

The hike comes as the asset’s 24-hour trading volume has risen by 11%, reaching $12 billion. According to data provided by the market intelligence platform Santiment, the number of BTC whale transactions, consisting of at least $100,000 worth of Bitcoin, surged by almost 110% since Sep. 3 — currently sitting at 9,004 unique transactions.

Moreover, the number of Bitcoin daily active addresses has reached 1 million, registering an 18% hike in the past seven days. The upward momentum comes while BTC’s market cap stands at $501.6 billion at the time of writing.

On the other hand, the Bitcoin supply on exchanges witnessed a sudden surge after consistently dropping since Aug. 31. Per Santiment, there are currently 1.16 million coins on all platforms.

A report on Sept. 6 revealed that the number of crypto millionaires has reached 88,200. Of this tally, 40,500 addresses hold Bitcoin despite the asset’s price fluctuations.

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