Among a renewed bullish tendency on the cryptocurrency markets over the past few weeks, more users have moved into trading Bitcoin (BTC), the world's largest cryptocurrency past market capitalization.

Data from blockchain analytics platform Glassnode shows that Bitcoin has seen a notable surge in terms of active addresses in the past week of July, with active BTC entities rise 30% from 250,000 to 325,000 active users.

According to Glassnode'southward 7-twenty-four hour period exponential moving average statistics of active Bitcoin entities, this is the biggest surge recorded after the number of active Bitcoin entities dropped 41% from 425,000 in Jan to below 245,000 addresses in early July. The current level of Bitcoin activeness corresponds to levels maintained in July 2022, when Bitcoin was trading around $11,300, Glassnode noted.

Alongside a significant uptick in active Bitcoin users, BTC investors take been accumulating larger amounts of the cryptocurrency in late July.

Co-ordinate to data from analytics visitor Santiment, the amount of Bitcoin held on addresses storing 100-to-10,000 BTC hit 9.23 million Bitcoin ($364 billion) as of Aug. 1, which is a new all-fourth dimension high for this grouping of investors. The previous best high took place on Apr 5, just ane week earlier Bitcoin price bankrupt an all-time loftier in a higher place $64,000.

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"In the last four weeks, these addresses have accumulated approximately 170,000 more BTC. This staggering pace was concluding matched in late December 2022, right before a massive balderdash run kicked off in 2022 where prices jumped from $29.0k to $40.8k in the yr's opening week," Santiment noted.

Addresses property between 100 to 10,000 BTC. Source: Santiment

The latest growth in Bitcoin activity comes amid the BTC steadily gaining momentum later on Tesla CEO Elon Musk disclosed that his business firm SpaceX owns Bitcoin on July 22. The CEO as well said that Tesla was planning to resume crypto payments for vehicle purchases, citing the increasing per centum of renewable energy used for Bitcoin mining. Musk is known for existence probable to contribute to Bitcoin's toll crash earlier this twelvemonth, cut BTC payments for Tesla in May due to the rapid increment of fossil fuel usage for Bitcoin mining.