Bitcoin’s crypto market dominance is on the rise amid a jump in its price. The most valuable digital currency now accounts for nearly 48% of the total market cap of digital currencies, its highest level in approximately five weeks.
According to the latest data posted by Coinmarketcap, Bitcoin is now up by nearly 30% in the last seven days. The world’s largest cryptocurrency is currently trading near $40,000 with a market cap of over $750 billion.
Bitcoin saw a substantial jump in its price this week due to a surge in retail demand. However, BTC’s institutional inflows remained slow in the last few weeks.
Due to the latest Bitcoin rally, crypto whale activity also increased sharply. Yesterday, three leading BTC whale accounts moved over $1 billion worth of cryptocurrency from digital exchange Coinbase. Earlier this week, a prominent BTC wallet moved 9,500 coins.
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This week, Bitcoin touched the high of approximately $40,800, its highest level in more than six weeks. BTC is still down by more than 40% from its all-time high of $64,200 in April 2021.
Network Activity of Bitcoin
Despite the reason that the overall activity across the Bitcoin network remained quiet in the last few days, the number of active addresses and BTC’s unique token circulation spiked substantially. “BTC’s amount of unique tokens being circulated has jumped to levels not seen since May. This is a big development considering BTC’s stagnancy leading up to this week. This is one of our top leading price indicators that our community focuses on,” crypto analytics platform, Santiment mentioned on Twitter.
On Monday, the Bitcoin rally liquidated more than $1 billion worth of short crypto positions. According to the latest data published by blockchain tracking firm bybt.com, nearly $67 million worth of short crypto positions were liquidated in the last 24 hours. The number includes the liquidation of approximately $50 million worth of short BTC trading positions.