Bitcoin (BTC) has been seeing a bullish momentum for the past week, with its price soaring up to 1.30% in the mentioned timeframe, and is trading at around $16,686.

As the price increases, BTC’s number of large and small holders is rising.

📈 #Bitcoin $BTC Number of Addresses Holding 1+ Coins just reached an ATH of 979,163View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/7IKOzVLwdh

— glassnode alerts (@glassnodealerts) January 4, 2023

According to the on-chain data provider Glassnode, the number of addresses holding one or more bitcoins hit an all-time high (ATH) of 979,163. In addition, the number of wallets holding 0.1 coins has also hit an ATH of 4,208,251 — it reached 4,208,076 on Jan. 3.

📈 #Bitcoin $BTC Number of Addresses Holding 0.1+ Coins just reached an ATH of 4,208,251Previous ATH of 4,208,076 was observed on 03 January 2023View metric:https://t.co/hZY8dBLpzX pic.twitter.com/zRXGgetof3

— glassnode alerts (@glassnodealerts) January 4, 2023

On the other hand, the number of BTC wallets holding 0.01 BTC has seen a more significant rise. Currently, according to Glassnode data, 11,443,277 addresses hold a percent of bitcoin.

📈 #Bitcoin $BTC Number of Addresses Holding 0.01+ Coins just reached an ATH of 11,443,277View metric:https://t.co/oyguxpaA2y pic.twitter.com/mgXS4Tf3kG

— glassnode alerts (@glassnodealerts) January 4, 2023

Bitcoin’s realized cap, however, has dropped to a 16-month low of roughly $380 billion, showing that the digital gold, also known as the flagship cryptocurrency, is currently undervalued, per Glassnode.

📉 #Bitcoin $BTC Realized Cap just reached a 16-month low of $380,452,686,299.19Previous 16-month low of $380,453,880,211.79 was observed on 03 January 2023View metric:https://t.co/C8JhD26mC1 pic.twitter.com/NlOi6r5Unl

— glassnode alerts (@glassnodealerts) January 4, 2023

The movements come as bitcoin’s total transaction volume in terms of the US dollar has reached an ATH of $14.8 trillion in 2022, according to crypto.news latest report. 

With the current price range and real cap, BTC’s Market Value/Real Value (MVRV) ratio dropped below 1.

While the data suggests that bitcoin might be undervalued at the moment, Tim Draper, a long-term fan of the crypto asset, still believes that BTC could hit the $250,000 mark before it halves — which happens once every four years.