Bitcoin, the world’s most valuable digital currency, is currently enjoying a major bull run as the price of the coin has risen more than 50% in the past four weeks.
Due to the recent price jump, Bitcoin whale activity increased significantly and rapidly in August 2021.
Whale Alert, a leading blockchain tracking company, highlighted the movement of approximately $292 million in bitcoin from Binance to the Xapo cryptocurrency wallet on August 25, 2021.
According to recent data published by Whale Alert, this address transferred 6000 bitcoins from Binance yesterday at 16:06 UTC.
Earlier this week, we at Bitcoin Arab reported an increase in Bitcoin hoarding by long-term Bitcoin holders.
While the old bitcoins have increased their spending, which is confirmed by the “Glassnode” company.
Commenting on the recent price action of Bitcoin and its network activity, Alexandra Clarke, GlobalBlock Sales Officer, said:
While uncertainty remains about bitcoin in the short term, its long-term future is clear, with professionals and academics saying that bitcoin, and digital assets in general, will replace fiat currencies over the next five to 10 years.
Many organizations are already scrambling to adopt crypto and blockchain technology in an effort to maintain a competitive advantage.
Bitcoin price movement:
At the beginning of this week, the price of Bitcoin broke the $50,000 price level for the first time in 13 weeks.
Despite the recent 5% correction, the world’s largest cryptocurrency is still trading above $47,000 with a market capitalization of $900 billion.
The recent jump in the price of Bitcoin is mainly due to the high institutional and retail demand.
MicroStrategy, one of the largest bitcoin owners, recently expanded the company’s bitcoin portfolio by acquiring 3,907 cryptocurrencies.
MicroStrategy now owns more than 108,000 bitcoins with a combined value of more than $5 billion.
The total cryptocurrency market cap is currently around $2 trillion.