Bitcoin Achieves Positive Monthly Close After 3 Months

Coinactual.com - Bitcoin (BTC) closed the month of July with an increase of 16.8% at $ 23,293 after a 3-month series of declines since April.

While Bitcoin has continued its downtrend since November 2021, it showed signs of recovery in the first quarter of the year, but after the sales that started in the $ 45,500 band in April, it determined the bottom of the year at $ 17,622 in June, and decreased by 61 percent in the 3-month period. Continuing with a 50 percent loss in value since the beginning of the year, Bitcoin seems to have started the second recovery move of the year by closing July positively.

Bitcoin Market Scenes Volatile Transactions Over The Weekend

After rising up to $ 24,600 in weekend transactions, Bitcoin retreated to $ 23,700 on the last day of the week and moved sideways at this level for a while. Sellers dominated the Bitcoin market, where volatility increased towards the close, and the cryptocurrency was pulled below $ 23,300.

While light-selling transactions continue in the first hours of the week, BTC's course above $23,000 continues.

Balanced Bitcoin Addresses Reach Record Level

While Bitcoin network activity has seen an increase in recent days, Glassnode data showed BTC addresses with balances to reach an all-time high of 42.6 million at the end of the month.

Besides, the data also recorded an increase in BTC addresses that were in profit. Accordingly, it was announced that more than 25.6 million BTC addresses are currently in profit with the highest value of the month.

As of August 1, the total number of crypto addresses holding at least 1 Bitcoin also reached an all-time high of 891,234 compared to 888,262 last week. On the other hand, there is a decrease in the number of large investors in Bitcoin. According to Glassnode data, the number of wallets holding at least 1,000 BTC has dropped to 2,135, the lowest level in the last 5 months.

The total market cap of cryptocurrencies stands at $1.07 trillion today, while the light-selling trend continues throughout the market. The second-largest cryptocurrency, Ethereum, is just below $1,700 today after closing last week with a 10% increase. While Ethereum could not stay in the $1,700 band in weekend transactions, it saw a remarkable recovery with a 56 percent rise in July.