- Wallets holding 1,000 or more BTCs have accumulated nearly 8 million coins.
- New addresses have increased as Bitcoin reached $40,000.
Certain Bitcoin [BTC] wallets have recently increased their accumulation, coinciding with BTC’s move towards the $40,000 price range, sparking significant debate.
Bitcoin: 1k wallets increase their stakes
A survey of accounts holding 1,000 or more Bitcoin revealed a significant increase in recent weeks. AMBCrypto’s analysis of the Glassnode chart showed a continued accumulation trend, reaching its highest point in over a year.
At the time of writing, the number of these wallets was over 8.5 million.
Source: Glassnode
The trend line of the graph also indicated a further price increase. Further data from InHetBlok showed an increase in the volume of BTC collected by these wallets.
Slight upward trend in Bitcoin’s new addresses
The number of new addresses on the Bitcoin network has also fluctuated in recent weeks. Nevertheless, according to data from Glassnode, there has been a notable increase in the past 24 hours.
The analysis of the figures shows an increase from approximately 447,000 to approximately 557,000. While the specific portfolio categories of these new addresses remained uncertain, this increase reflected the robust growth of the network.
Source: Glassnode
Holders and social dominance increases
The expansion of new addresses and the increase in wallets holding 1,000 or more Bitcoins marked remarkable growth within the Bitcoin network. Moreover, the total number of holders has also increased significantly in recent weeks.
According to Santiment’s chart analysis, there has been an increase of over 100,000 holders from the beginning of the month to date.
As of December 1, the number of holders was approximately 50.9 million, and at press time had surpassed 51 million.
Source: Santiment
This increase in the total number of holders caused a notable shift in social dominance. AMBCrypto’s analysis of Santiment’s Social Dominance chart revealed a spike in the last 24 hours, reaching almost 32%.
This indicated that Bitcoin has dominated almost 32% of cryptocurrency discussions over the past 24 hours. These growing metrics collectively suggested the emergence of a bullish trend.
Bitcoin breaks $41,000
AMBCrypto’s analysis of the daily timeframe chart provided additional insight into the key drivers behind the positive trends. The chart revealed a notable upward trajectory in the Bitcoin price over the past few days.
At the time of writing, the price has risen by more than 3.9%, to a trading value of more than $41,000. This price level has not been seen for over a year and represents one of the most bullish trends in recent times.
Furthermore, the continued uptrend implied that BTC has risen in value by around 9% over the past four days.
Source: TradingView
Furthermore, the Relative Strength Index (RSI) had entered the oversold zone at the time of writing. The position of the RSI further supported the bull trend narratives of the other measures.
However, when AMBCrypto examined the volume indicator further, it was found that there was no significant uptrend. The lack of convergence between volume and price development may indicate that the bull run has yet to begin.
Alternatively, it could imply a shortage of volume to support the uptrend in price.
Read Bitcoins [BTC] Price prediction 2023-24
The current price range could create more excitement, driving volume to rise in the coming days. If this happens, the bull trend will come into full swing as demand increases.
However, if there is no significant change in volume, there will be a price correction. This will be due to the oversold nature of Bitcoin as indicated by the RSI.