In the world of cryptocurrencies, Bitcoin, the pioneer digital asset, has recently displayed signs of resurgence. IntoTheBlock, a renowned blockchain analytics firm, has taken to Twitter to share an intriguing development.
According to their tweet, the daily transaction volume of Bitcoin, which experienced a downturn after reaching an all-time high of 586,000 on May 8th, is now regaining momentum. As of July 10th, the transaction count has climbed back up to an impressive 507,000. This upturn raises the question of whether this positive trend will be sustained in the coming days.
Adding to Bitcoin’s growing optimism, Glassnode, a well-known on-chain data provider, has reported that Bitcoin “HODLers” are actively engaged in accumulation.

These dedicated individuals who hold onto their Bitcoin assets for the long term have been consistently absorbing coins at a rate of 27,100 BTC per month. This relentless accumulation by BTC HODLers showcases their unwavering confidence in the digital currency and its future prospects.
Furthermore, a few days ago, there was a noteworthy revelation that BTC whales, referring to entities holding significant amounts of cryptocurrency, have amassed an astonishing 90,000 BTC in the past month alone.

Considering the current market value, this accumulation is valued at approximately $2.52 billion. The actions of these influential players in the crypto space further accentuate the growing confidence and interest in Bitcoin.
However, the confluence of these reports paints a picture of renewed enthusiasm for Bitcoin. The revival in daily transaction volume, coupled with the steadfast accumulation by committed HODLers and the massive influx of BTC by whales, all contribute to the narrative of a resurgent crypto market.
Bitcoin Price Analysis
Bitcoin is experiencing a slight increase in its price. As of today, BTC’s price stands at $30,740, with a 24-hour trading volume reaching an impressive $52.16 billion. The current market cap for BTC amounts to a staggering $597.13 billion, while its market dominance remains strong at 49.51%.

Over the past 24 hours, BTC’s price has witnessed a minor increase of 0.77%. Looking at the seven-day chart, the price has experienced a slight decrease of 0.24%. This decline comes as a notable development in the BTC market, potentially indicating a shift in market sentiment, while the Fear & Greed Index is showing 64 (Greed).
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