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bitcoin

Bitcoin holders reached a new all-time high despite the bear market

Bitcoin holders reached a new all-time high despite the bear crypto market. Data from Glassnode shows that the investors who bought the flagship currency more than half a year ago prefer holding to trading.

The Crypto market is still trembling as the flagship currency is down more than 14% over the last week. BTC is trading below $38k by falling 2% in the 24h timeframe. The whole crypto market has been in this bearish cycle for more than 2 months. Despite a major drop in the dominance of BTC, the whole crypto market goes down when flagship currency plunges. It looks like this bearish is going to remain forever but the news tells a different story about this.

Changing behavior of Bitcoin holders:

According to a crypto data analytics platform, Glassnode, the number of Bitcoin holders reached a new all-time high. The data metrics show that majority of investors who bought BTC in the last 6 to 10 months period are holding. Wu Blockchain tweeted this news mentioning that Bitcoin holders have reached a new ATH of 76.5%. It means that investors are seeing BTC as a long-term investment. This might be due to speculation in the prices of BTC.

Bitcoin holders

This behavioral change came after BTC plunged from the ATH of $70k. Previously, the CEO of Three Arrows Capital noted that the market faced a change in the behavioral pattern of Bitcoin holders compared to the correction cycle in 2018. Read more content here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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