Retail interest might be returning to the Bitcoin market
InTheBlock An analytics firm reports that retail interest may return to the Bitcoin market. According to the on-chain analytics firm, the number of bitcoin trader addresses holding less than 30 days, or short-term holders, is growing rapidly along with rising bitcoin prices. He also mentions that this group, which represents around 7% of all Bitcoin holders, has increased their balance by almost 5%.
The number of Bitcoin daily active users also increases in tandem with the growth in short-term holders. Daily active addresses (DAAs) are frequently used as a price leading indicator. The number of DAAs rebounded above 1 million, according to IntoTheBlock, as BTC rose to $45K.
According to data from Santiment, whales have started doing much bigger transactions than ever before. The whales made more than 13,400 transactions worth more than $1 million in the past three days, according to the data provided. This increase in volume could be related to the price behavior of the first cryptocurrency.
BTC price action
The overall cryptocurrency market bounced back earlier in the week as investors continued to buy the dips. Bitcoin moved higher to reach $45,426 on March 2 before retreating to around $43K. At the time of publication, Bitcoin was trading at $43,532, down 1.75% in the last 24 hours.
The Crypto Fear and Greed Index examines current sentiment and calculates the numbers to provide a visual scale from 0 to 100. The Crypto Fear and Greed Index fell further from neutral yesterday to fearful now, as the price dropped below $43,000.
