Bitcoin approaches $29k as long-term HODLers reach new ATH

Bitcoin’s (BTC) price reaches a six-week high as data shows that the number of long-term holders — including lost wallets — advances to a new all-time high (ATH).

The asset’s price has been tumbling over the past month, especially when the US Securities and Exchange Commission (SEC) took legal action against Binance and Coinbase. On June 5, the BTC price took a deep dive from $26,750 to $25,500 after the FUD, compelled by the SEC, emerged.

However, data provided by the market intelligence platform Santiment shows that the social volume of the top cryptocurrencies has exploded with a $222 billion trading volume over the past week.

In simple terms, social media users have been discussing more about cryptocurrencies, especially bitcoin and ethereum (ETH), as the weekly trading volume is 30.2% higher than the previous week.

Moreover, the number of bitcoin holdings older than ten years has been constantly reaching new highs since January, according to data provided by Galssnode. Over 2,849,798 coins were active more than ten years earlier, marking a new ATH.

Despite the volatility news around BTC, digital gold is up by 7.9% in the past 24 hours and trading at $28,860 at the time of writing. 

Furthermore, the price hike comes as bitcoin’s trading volume witnessed a 77% surge over the past 24 hours, surpassing the $26 billion mark.