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Benzinga
Benzinga
Business
Adrian Zmudzinski

Bitcoin Price Action May Not Show it But On-Chain Fundamentals Point Upward

Bitcoin Crypto Glassnode

On-chain data of the world's first cryptocurrency Bitcoin (CRYPTO: BTC) is showing bullish colors for the future market movements on this asset. Despite this, short-term market forces pushed Bitcoin's price over 6.4% down today to a value of $29,555 as of press time on Tuesday.

What Happened: Data shared by major blockchain data firm Glassnode shows that the number of Bitcoin addresses holding at least 0.1 BTC — worth about $3,000 as of press time — reached a new all-time high of 3,535,221 on Tuesday. The previous all-time high of 3,534,979 was reported on June 6. Furthermore, Glassnode's data platform also shows that the percentage of Bitcoin's supply last active over five years ago reached a four-month high exceeding 23.2% on the same day.

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