Bitcoin price kept over $ 49,000, demonstrating the weekend increase

Bitcoin price is slightly grown above $ 49,300 in the context of the recovery market a bit after a series of altcoin plunged without breaking, causing the market to cover red. At the time of writing, BTC is changing hands at $49,331.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price tends to rise on weekends

In the last 24 hours, the lowest trading Bitcoin price was at $ 48,406 and the highest trading at $49,360. Data from CoinmarketCap showed that Bitcoin trading volume in the past 24 hours is about $27.6 billion, market capitalization records $927 billion.

According to the analysts, the current discount is due to the adjusted market after a continuous growth period. Bitcoin only breaks $50,000 recently and does not keep this important price. Therefore a small discount will probably lead to another recovery, pushing prices to rise to over $50,000.

According to Glassnode, the Bitcoin Holder Net Position Change index had reached a significant high of 24,906.171. Meanwhile, the Bitcoin supply last moved over ten years ago, has hit a new all-time high.

The on-chain data provider says that this metric is about long-term Bitcoin investors, and it tracks their position change regarding Bitcoin monthly. When the metric goes negative, this is indicative of hodlers selling their BTC and withdrawing their profits. When the net position change of hodlers goes up, this means long-term investors are opening new positions in Bitcoin.


Source: Glassnode

The Bitcoin ecosystem is seeing new investors arriving actively as the number of non-zero wallets has surged to a one-month high and now amounts to 38,241,875 addresses. The amount of Bitcoin last moved more than ten years ago has reached an all-time high of a whopping 2,300,284.993 BTC.


Source: Glassnode

Also, the Bitcoin Mean Transaction Volume (7d MA) just reached an ATH of $886,468.16. Previous ATH of $885,345.72 was observed on 28 August 2021.

#Bitcoin $BTC Mean Transaction Volume (7d MA) just reached an ATH of $886,468.16  Previous ATH of $885,345.72 was observed on 28 August 2021

Source: Glassnode

These data have shown that Bitcoin has a good start. And after a discount, BTC currently recovered a bit with a slight increase in the Altcoin market, which led to good news from Cosmos (ATOM). The ATOM price rallied 180% from a low of $8.87 on July 20 to a high of $24.77 on Aug. 22 as its 24-hour trading volume surged from an average of $250 million to $1.87 billion.

The overall cryptocurrency market cap now stands at $2.121 trillion, and the Bitcoin Dominance rate is 43.7%.

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