Bitcoin price is bouncing back after a tough few weeks. The price has climbed above $90,000 again after falling as low as $78,000.
This recovery is lifting the entire crypto market with it. XRP is up 3%, Bitcoin Cash has surged 12%, Shiba Inu gained 4%, and Litecoin rose 5%.
What you'll learn 👉
Increasing Wallet Growth on Bitcoin Network
The Bitcoin network is growing rapidly. Based on data from an onchain data provider, Santiment, there are 50,000 more wallets now than just a month ago. Most of these are smaller investors.
There are 37,390 new wallets holding less than 0.1 BTC and 12,754 new wallets with 0.1 to 100 BTC. However, there are 6 fewer wallets holding at least 100 BTC.
Santiment have noticed some large wallet holders taking profits lately. This has somewhat limited what would otherwise be extremely bullish growth. They suggest watching for an increase in wallets holding over 100 BTC as a possible sign of a broader market breakout.
Santiment noted that there have been “mild signs of large wallets taking profits over the past couple of weeks,” which has tempered what would otherwise be “extremely bullish” wallet growth. They suggest that investors should watch for growth in the number of wallets holding over 100 BTC as a sign that a broader crypto market breakout could be on the horizon.
Trump’s Reported Crypto Investment
Donald Trump may be influencing the market too. According to Crypto Rover, Trump reportedly bought $10 million worth of Bitcoin and another $10 million in Ethereum.
💥BREAKING:
— Crypto Rover (@rovercrc) March 6, 2025
TRUMP JUST BOUGHT $10M WORTH OF #BITCOIN AND $10M OF $ETH.
JUST A DAY BEFORE THE WHITE HOUSE CRYPTO SUMMIT.
HE KNOWS SOMETHING BIG… pic.twitter.com/9TX4vYUboj
This large purchase allegedly happened today, a day before the White House Crypto Summit, hinting he might have inside information about positive developments coming for crypto. This also signals growing confidence in cryptocurrency as a legitimate asset class.
Read Also: Ripple’s Bold Move: How XRP is Disrupting Cross-Border Payments in Portugal and Brazil
Ethereum Staking Hits Record Levels
Ethereum price is showing strength as well. Ali Charts reports that ETH deposits into staking contracts have hit an all-time high of 1.94 million. This suggests growing confidence in Ethereum’s future. Higher staking rates typically reduce circulating supply, which can create upward price pressure if demand remains constant or increases.
All these factors together – more people joining the Bitcoin network, high-profile investments, and increased Ethereum staking – seem to be driving the current recovery in crypto prices. Investors are watching closely to see if this positive trend continues.
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