Bitcoin Bulls Push BTC Back Up To $28K Amid Surging Address Activity

Christian Encila

Last Updated: June 11, 2024 7:01 am

4 mins read

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Bitcoin (BTC), the pioneer of cryptocurrencies, continues to captivate the financial world with its ever-evolving landscape. In recent developments, Bitcoin’s active addresses have witnessed a significant surge, soaring to a three-week high.

This surge in activity has not only breathed new life into the Bitcoin network but has also reverberated in the form of a substantial increase in the crypto’s price.

The increased demand resulting from heightened network activity has propelled the alpha coin’s price to new heights, igniting a sense of excitement and potential within the cryptocurrency market.

Surge in Bitcoin’s Active Addresses Signals Growing Utility

Bitcoin’s utility is on the rise as the number of active addresses for the cryptocurrency has surged to a remarkable three-week high, according to crypto intelligence portal Santiment in a Twitter update.

📈 May’s concerningly low #Bitcoin address activity is finally starting to rebound again. Increasing utility is necessary for #crypto assets to enjoy sustained rallies. Keep an eye on whether $BTC can head into June with 1M or more daily active addresses. https://t.co/LSa2slHWgt pic.twitter.com/zqTH9KGIqc

— Santiment (@santimentfeed) May 27, 2023

After a lull in activity, the latest data reveals that the number of active addresses for BTC has reached an impressive 960,000, marking the first time since May 3 that such levels have been attained.

Source: Santiment

In sync with the surge in active addresses, Bitcoin’s price on CoinGecko has climbed $28,032, giving it a 3.0% increase within the last 24 hours. This surge in price also translated to an increase of 4.7% over the course of seven days.

Source: Coingecko

The surge in active addresses showcases the growing utility and adoption of Bitcoin, which is vital for its sustained growth in the cryptocurrency ecosystem. As we approach the month of June, all eyes are on Bitcoin to see if it can surpass the significant milestone of 1 million daily active addresses.

Bitcoin Whales Resume Aggressive Accumulation

Despite a temporary slowdown in accumulation, Bitcoin whales – those holding 10,000 or more BTC – have once again intensified their acquisition of the leading cryptocurrency, with a particular surge observed over the weekend.

This aggressive accumulation by whales suggests a renewed confidence in Bitcoin’s long-term potential and may serve as an indicator for future market trends.

BTCUSD reclaims the key $28K territory today. Chart: TradingView.com

In the wake of these developments, the crypto market has witnessed a significant increase in liquidations, surpassing a staggering $118 million within the past 24 hours alone.

According to The Kobeissi Letter, an authoritative source on market insights, the recent breakthrough of Bitcoin above the $28,000 mark coincided with the news of a debt ceiling deal “reached in principle” on the previous night.

In the debt ceiling deal, the debt ceiling is rumored to not be raised by a specific amount.

Instead, the debt ceiling will run uncapped until January 1st, 2025.

Many are underestimating how significant this is.

This means that the debt ceiling is basically unlimited for the…

— The Kobeissi Letter (@KobeissiLetter) May 28, 2023

Elaborating further, The Kobeissi Letter reveals that the debt ceiling is rumored to remain uncapped until January 1, 2025, without a specific raise in the limit.

This development introduces a level of uncertainty and potential implications for the financial landscape, driving market participants to seek alternative investments such as Bitcoin.

-Featured image from VectorStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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