After rising above $ 50,000 for the first time since May on August 23, Bitcoin (BTC) has hit that level again in the past 24 hours, despite being the leading cryptocurrency at $ 49.9,000 during intraday trading had decreased CoinMarketCap.
That price hike also led to a surge in address transactions as they hit a two-month high. Cryptanalysis company Santiment explained:
“With the visit to Bitcoin for over 50,000 US dollars, we also saw the first day that over 1 million addresses interacted on the BTC network within 2 months.”
Ali Martinez reiterated this opinion that large transactions have been observed on the Bitcoin network. The market analyst confirmed:
“BTC whales and institutional actors are back! Bitcoin shows a significant increase in the number of large transactions on the network with a value of $ 100,000 or more. Around 24,000 large BTC transactions were recorded today. “
Bitcoin is leaving exchanges in droves
Bitcoin’s transaction volume recently hit a monthly high of 47,433,025 BTC. The leading cryptocurrency has left crypto exchanges at a fast rate as the balance continues to decline.
On-chain analyst Lark Davis believes this could signal the return of institutional money. He noticed:
“Huge outflows from Bitcoin Coin base = institutional money devours BTC once again! “
Institutional investments played a crucial role in Bitcoin breaking the previous all-time high (ATH) of $ 20,000 in December 2020, a fate the top cryptocurrency had tried in vain for three years.
The injection of further capital investment also allowed BTC to hit a record high of $ 64.8,000 in mid-April.
Image source: Shutterstock