• During the week, the new demand for BTC reached its highest level so far this year. 
• However, the price decline below $37,000 has seen some coin holders distribute their BTC.

Leading cryptocurrency Bitcoin [BTC] has made an exceptional comeback this week, reaching a few yearly highs. On 15th November, the coin reclaimed the $37,000 price level after it recorded an intraday rally of 6% during that day’s trading session.

BTC closed the day at a high of $37,880 before witnessing a correction. The last time the coin traded at such a high was in May 2022.

At press time, BTC exchanged hands at $36,378, with a 2% value decline in the last 24 hours, according to data from CoinMarketCap. 

As the coin’s price rallied to an 18-month high, its new demand also climbed. On-chain data sourced from IntoTheBlock showed that during the week, the coin’s adoption rate reached a yearly high of 67.62%.

This indicated that the week saw a significant increase in new market participants.

Additionally, information from the same data provider showed that the amount of BTC held by addresses with over 1,000 BTC also hit a new yearly high this week. 

This cohort of BTC investors significantly reduced their BTC holdings following the collapse of Crypto lender Genesis and crypto trading firm Alameda Research in 2022.

However, they gradually increased their exposure to the leading coin at the beginning of 2023, which led their cumulative holdings to reach a high of 7.67 million coins this week. 

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Author: Abiodun Oladokun

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