The crypto community is waiting with bated breath for Bitcoin to break the all-time high (ATH) of $ 64,800 set in mid-April. That scenario could play out soon as BTC hovered around $ 64,100 during intraday trading, according to CoinMarketCap.

This uptrend has seen the number of Bitcoin addresses in profit hit a record high of 37,396,654,839, as revealed by on-chain metrics provider Glassnode.

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According to reports, 99.705% of the BTC supply is profitable.

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Meanwhile, the value stored in the Bitcoin network is one ATH based on the realized price.

More than 1 million active BTC addresses are recorded daily

According to Santiment, Bitcoin continues to peak as it collects at least a million active addresses every day. The crypto-insight provider stated:

“Address activity, circulation, whale / stock market activity, and sentiment all play important factors in the story that may be made for BTC.”

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Will the price of Bitcoin soon become parabolic?

According to Charles Edwards, the founder of Capriole Investments:

“Historically, every time MVRV reclaimed z-Score 3.0, Bitcoin experienced a parabolic price run for the next 1-2 months. Bitcoin has just reclaimed 3.0. “

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Large transactions have invaded the Bitcoin network. For example, transactions worth at least $ 100,000 have grown exponentially.

Institutional investments have played a vital role in Bitcoin’s journey to record prices. For example, large movements of money made it possible for the leading cryptocurrency to hit the record price of $ 64.8,000.

Among the corporate giants leading the race for institutional investment is the leading American business intelligence company MicroStrategy. This company has pledged $ 242.9 million to purchase a new batch of Bitcoin, bringing its total inventory to 114,042 BTC.

Whether this will result in a new ATH price remains to be seen in light of increasing institutional investment and whale activity.

Image source: Shutterstock

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