Bitcoin adoption has jumped substantially in September after a sharp increase in the total number of active BTC addresses. According to recent data published by Glassnode, one of the most prominent crypto analytics platforms, the overall number of Bitcoin addresses holding at least 1 BTC has reached its highest level in 4 months.
Glassnode highlighted that more than 811,000 Bitcoin addresses are holding 1+ coins. Most of the holders are holding the world’s largest cryptocurrency since 2018. Yesterday, Finance Magnates reported that long-term Bitcoin holders own more than 80% of the circulating supply of BTC.
Bitcoin network presented a mixed picture in the last few weeks. Despite the recent surge in BTC accumulation from large addresses, BTC Median Transaction Volume touched a 9-month low of $514 on 26 September 2021. The overall percentage supply of BTC in profit has dropped sharply in the last few days.
In its latest weekly on-chain analysis report, Glassnode highlighted a sharp drop in the overall BTC supply held by short-term holders. BTC supply on prominent crypto exchanges has dipped significantly in the last few weeks.
Bitcoin’s Price Action
BTC saw immense volatility since 7 September 2021 as the price of the world’s most valuable digital asset dropped from $52,000 to approximately $40,000 within 2 weeks. At the time of writing, Bitcoin is trading near $42,000 with a market cap of $800 billion. BTC’s crypto market dominance stands at around 42.5%.
Commenting on Bitcoin’s recent volatility and its network activity, Glassnode mentioned: “The Bitcoin market experienced volatile downside price action this week, opening at $47,328 on Monday and sliding to a low of $39,876. The sell-off comes alongside continued pressure on the industry from regulators, a sell-off in equities markets, challenging conditions in Chinese debt markets and yet another BTC ban in China. Alongside this uncertainty, the week was full of exciting and positive news related to both El Salvador’s adoption, and Twitter’s implementation of the Bitcoin Lightning Network.”
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