The market cap of the leading cryptocurrency is now 49% of the whole cryptocurrency, its highest in almost one and a half months. Coinmarketcap data shows Bitcoin is now about 33% this past week. Its market cap is over $760 billion, and it currently exchanges hands at a little over $40,200.
An increase in retail demand caused a sharp rise in the Bitcoin price. But this sharp price increase didn’t have any effect on Bitcoin’s institutional inflows, which have remained almost stagnant in the last couple of weeks. This new Bitcoin surge has caused a sharp increase in crypto whale activities.
Yesterday, Coinbase reports that three Bitcoin whale wallets moved cryptocurrency worth more than $1 billion. A Bitcoin whale moved 9,600 Bitcoins during this week, and coincidentally, Bitcoin price rose to almost $41,000 – its highest in nearly seven weeks. Bitcoin price is yet to attain its peak price of $64,300, which it achieved three months ago.
Spike In The Active Bitcoin Wallet Addresses
Even though Bitcoin network activity has been low over the past couple of days, there were still sharp rises in the number of active Bitcoin wallet addresses and the amount of Bitcoin in circulation. Top crypto analytics firm, Santiment revealed via Twitter that “the amount of Bitcoin in circulation has risen to levels similar to that seen two months ago. The firm remarked this is a positive development since Bitcoin price has remained almost stagnant before this week’s sharp rally.”
Santiment Bitcoin Price Analysis. Source: Twitter
Earlier in the week, Bitcoin’s sharp rise resulted in over $1bn worth of Bitcoin liquidations. ByBt, a leading on-chain metrics firm, reports that there has been the liquidation of almost $68 million worth of crypto positions within the past 24 hours. Out of this amount, liquidation of Bitcoin short positions accounts for $50 million.
Greenidge Generation To Build A Solar Farm With BTC Mining Profits
Top Bitcoin mining firm, Greenidge, has revealed that it plans to use profits from its mining operations to hasten the closure of a coal ash landfill in the finger lakes region of new york. Then, it will transform that area into a solar farm where it would be possible to generate 5 megawatts of power.
Thus, this project will lead to more high-tech jobs for locals and provide more revenue for the local businesses in the area. This new energy will also be used to support Greenidge’s Bitcoin operations on Seneca lake to achieve its objective of providing almost 90 MW of electricity for crypto mining operations by 2022.
Greenidge reveals that its Bitcoin mining operations are environmentally friendly, and the firm plans to expand operations to South Carolina by 2022, which is in line with its objective of operating at 500MW over various locations in the next four years.
But some persons and groups, especially the Seneca lake guardian, have criticized Greenidge, saying the company’s disclosure of operating a 100% carbon neutral mining operation is not entirely true. The group opined that Greenidge depends on the natural gas generated from fracking in the area.
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