Addresses holding at least one bitcoin have reached an all-time high, according to Glassnode statistics. The rise in the number of single-bitcoin holders may be attributed to the increased faith of those attempting to get their first bitcoin for a long time.
Making Best Use of Low Prices
For the long haul, whether retail or institutional, those in the cryptocurrency game have taken advantage of the crypto winter to stockpile more bitcoin and other cryptocurrencies. Investors in cryptocurrencies have had a rough time, with the price of bitcoin oscillating between $18,067 and $21,783. Since Bitcoin tends to rise briefly before tumbling again, it seems to be having difficulty holding on to the $20k support level. BTC is presently trading at $20,112, according to statistics from CMC.
BTC/USDT: Source: TradingView
Market HODLing is at an all-time high, Glassnode claims. As a consequence of this, investors in bitcoin held on to their coins despite falling values in 2022. Another claim made in the Glassnode analysis was that the value of bitcoin is trading at a fraction of its liquidation value by the HODLers.
At roughly 800,000 active BTC addresses daily, the total number of BTC addresses is stable. This supports the idea that only long-term savers will be there when things become bad.
The latest cryptocurrency crash had a heavy toll on BTC. The collapse of digital-asset companies, tightening monetary policy, and decreasing speculative enthusiasm have all led to a general decrease in crypto in 2022. Investors are being tested, and only the most resilient will be able to withstand the worst of the market’s circumstances.
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