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Active Bitcoin has increased by more than 12% in the last week. With a huge market cap of more than $425 billion, BTC now accounts for over 40% of the general value of cryptocurrencies.
The newest analysis report from Glassnode claims that an uptick in profit-taking was observed during the previous BTC rally between June 2022 and August 2022.
Glassnode noted: “With Bitcoin trading around 72.5% below the Nov 2021 ATH this week, the market has many similarities to the latest phase of the 2018-19 bear market. The recent bear market rally sold off from $24.5k down to below $18.5k, plunging a significant volume of short-term holder supply back into an unrealized loss,”.