A Glassnode report recently highlighed a 30% surge in active bitcoin wallet addresses in July 2021 – the biggest ever surge in active bitcoin addresses.
Another report by Santiment indicated the amount of bitcoin held on addresses storing between 100 and 10,000 BTC grew to 9.23 million bitcoins ($364 billion) as of August 1, 2021. This was highlighted as yet another all-time-high for that group of investors.
According to the Santiment report, a drastic spike in daily active addresses, trading volume, and social volume is a good indicator of a major price rally.
The combined crypto capitalization currently stands at roughly $2.2 trillion. By contrast, the combined crypto capitalization dropped below $1.3 trillion during the depths of July 2021 bearish market action.
Besides Bitcoin, native tokens for Ethereum, Cardano, Binance, and Solana ecosystems, are also boosting the market’s recovery with significant gains in recent weeks.