BTC jumps to $28K as Bitcoin bulls push forward with surging address activity

Bitcoin (BTC), the first cryptocurrency, continues to attract attention from the financial world with its constantly changing landscape. Recent developments have seen a significant jump in Bitcoin’s active addresses, reaching a three-week high.

This increase in activity has given new life to the Bitcoin network and has also resulted in a substantial increase in the value of the cryptocurrency.

The increased demand due to heightened network activity has led to a rise in the price of Bitcoin, igniting excitement and potential within the cryptocurrency market.

Surge in Bitcoin’s Active Addresses Signals Growing Utility

The number of active addresses for Bitcoin has surged to a remarkable three-week high, indicating an increase in Bitcoin’s utility, 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.

— Santiment (@santimentfeed) May 27, 2023

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 line with the surge in active addresses, Bitcoin’s price on CoinGecko has risen to $28,032, representing 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 demonstrates the growing utility and adoption of Bitcoin, which is essential 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:

Following these developments, the cryptocurrency 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

Further elaborating, 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.

– The featured image is from VectorStock.