Bitcoin surpassed $28k again while crypto market cap went down

Bitcoin (BTC) has had many ups and downs around the $28,000 mark for the last three weeks. The fluctuations come while the global crypto market cap drops by roughly $23 billion in less than a week.

BTC is trading at $28,300 at the time of writing, up by 1.4% in the past 24 hours. The bullish momentum as the amount of non-zero bitcoin addresses reached an all-time high (ATH) of 45.5 million, according to data provided by Glassnode.

The recent surge in price action has propelled the number of Non-Zero Addresses to an ATH of ~45.5M, with only 96 / 5206 data points recording a larger 14d change in absolute terms.

This suggests the degree of on-chain activity is currently improving.

? https://t.co/YQ3P6gDVbL pic.twitter.com/5PGLCFDAB7

— glassnode (@glassnode) April 7, 2023

Bitcoin price – April 10 | Source: crypto.news

Per the data provider, the on-chain activity of BTC is “improving.” On the other hand, the Bitcoin Miner Outflow has reached 52.418 BTC, marking a one-month low, which is also a bullish sign, according to Glassnode.

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Data shows that around $3.6 billion worth of bitcoin has moved into the exchanges, while over $3.5 billion coins were withdrawn over the last seven days. This shows a positive $52.2 million flow to the platforms.

? Weekly On-Chain Exchange Flow ?#Bitcoin $BTC
➡️ $3.6B in
⬅️ $3.5B out
? Net flow: +$52.2M#Ethereum $ETH
➡️ $2.8B in
⬅️ $2.7B out
? Net flow: +$115.2M#Tether (ERC20) $USDT
➡️ $4.5B in
⬅️ $4.5B out
? Net flow: -$14.3Mhttps://t.co/dk2HbGwhVw

— glassnode alerts (@glassnodealerts) April 10, 2023

While BTC has been on a bull run, the total crypto market capitalization has dropped from its local high of $1.207 trillion on April 5, to $1.184 trillion at the time of writing, a $23 billion loss, according to CoinMarketCap (CMC) data.

Currently, bitcoin has a 46.2% share of the total market cap, while ethereum (ETH), the second-largest crypto asset, has an 18.9% stake.

Read more: Crypto’s silver lining: How slow US job growth could boost markets

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