The past 24 hours have been a dark one for the crypto community. With the market losing over 8% of its total capitalization, every asset has its fair share of the dip. Moreover, the world’s most popular cryptocurrency, Bitcoin, was one of the most affected.
At the time of writing, Bitcoin is down by 2.61% after a slight recovery from around $35,000 to a little above $36,000. However, the biggest cryptocurrency by market capitalization is yet to regain full momentum after falling from an initial $40,000.
Different sentiments in the market
The recent slump in the price of Bitcoin has prompted investors to act differently. While many have panicked and, as a result, converted their assets into stablecoins, some others have seen this as an opportunity to accumulate more of the asset.
Massive user activities in the Bitcoin network
As per Santiment, an on-chain data provider that tracks the activities of 2,000 cryptocurrencies, the recent dip of the world’s largest cryptocurrency resulted in over 1 million Bitcoin addresses making transactions on the Bitcoin network.
Santiment noted that 1.17 million addresses were active on the Bitcoin network, making various transactions, including buying and selling the world’s biggest cryptocurrency by market cap, to take advantage of its price dipped.
Notably, the increased number of active addresses recorded yesterday has the highest amount of utility on the Bitcoin network since December 2, 2021.
“After yesterday’s mid-sized correction, the dust is still settling across #crypto markets. #Bitcoin’s network had 1.17M unique active addresses making transactions yesterday, which was the highest amount of utility since December 2, 2021,” Santiment tweeted.
However, things look to be settling in the market as the massive price swings experienced yesterday have started correcting themselves. At press time, Bitcoin is selling at around $36,264.
Meanwhile, Santiment’s analysis comes less than 24 hours after the Luna Foundation Guard (LFG) announced that it had purchased $1.5 billion worth of Bitcoin to bolster its stablecoin reserve further. The move made LFG the second-largest corporate BTC holder in the world after MicroStrategy.