The global capitalization has surged by roughly $27 billion in less than 24 hours as bitcoin (BTC) rallied above $28,000.
The largest cryptocurrency by market cap, BTC, has been consolidating between $26,700 and $27,100 since May 11. However, with the recent global hike, the coin is now up 3% in the past 24 hours.
When writing on May 29, bitcoin is trading at around $28,025. Its 24-hour trading volume is up 65%, surpassing the $16 billion mark, pushing BTC’s market capitalization above $543 billion.
According to data provided by CoinMarketCap (CMC), the rise in bitcoin’s price comes as the global crypto market capitalization grew by 2.35% in the past 24 hours, reaching $1.162 trillion.
The surge in prices coincides with news Glassnode data revealing that the number of non-zero Bitcoin addresses is at a new all-time high (ATH) of 47,220,463. The number of wallets holding BTC slightly dropped in late April but has been constantly growing despite suppressed prices.
On the other hand, GlassNode data shows that the total number of BTC assumed to be lost or held in dormant addresses stood at 7,725,079 bitcoins, marking a five-year high.