Bitcoin Addresses Holding 1 BTC or Less Steadily Growing

According to a cryptocurrency statistics tracker Glassnode, the number of bitcoin addresses holding 1 BTC or less has accumulated 5.20% of the total bitcoin supply. 

Digging Into The Future

Glassnode revealed the share of all mined BTC by these addresses three years ago was 3.97%, which has now increased by 1.23%. BTC has been running circles between the $53K and $61K zones during the week, as analysts debate whether the market will tread a bullish trend or grow bearish.

At press time, the BTC market cap stands at $992 billion. Glassnode’s insight suggests that the world’s most famous cryptocurrency is becoming a formidable asset at an alarming rate.

Despite its limited supply, BTC is becoming an everyday go-to investment idea to small and huge investors alike, with many being bullish. The report from Glassnode gives a glimmer of hope that the number of addresses with BTC could continue to rise. Data from CryptoQuant shows BTC supply in exchanges has decreased from 2.36M to 2.33M in the past week. 

BTC Investment Trends

The previous all-time high of the addresses accumulated share of bitcoin’s supply was 4.5%. It saw a decline during the BTC price upward trend at the end of last year when the cryptocurrency’s price stood above the $42K mark. Additionally, whale BTC wallets have witnessed an almost 1% increase over the previous 12 months. According to Glassnode, wallets holding 100 bitcoin or more currently carry 62.62% of the total supply.

Nevertheless, Glassnode statistics also show the total supply in addresses holding 10 to 100 BTC has decreased by 56K bitcoin. Furthermore, the supply in humpback wallets has also declined by eyebrow-raising 307K bitcoin. The number of investors going big on the highly acclaimed cryptocurrency could arguably be selling while small investors display HODL-ish characteristics.

Institutional Investment Effects

Financial institutions might have also boosted people’s interested in BTC, as companies like Visa and MasterCard are allowing users to purchase bitcoin on their network. Companies like Tesla are now accepting settlements in BTC. It also revealed that the payments will not be converted to fiat but will get stocked as cryptocurrency. New York-based bank Morgan Stanley became the latest U.S. financial institution to offer access to BTC for its deep pocket clients.

Institutional investing in cryptocurrency is on the rise, given that banks are now slowly diving into offering cryptocurrency services. Binance CEO Changpeng Zhao tweeted that he will buy a Tesla if the car company accepts cryptocurrency, presumably because Tesla has decided to HODL purchases made in BTC. 

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Analysts Speculate Money Boom as M2 Supply Follows Upward Trend

According to financial analysts, the money supply has seen a 26% increase since February 2020. The last time that level of increase transpired was over 70 years ago.

Facing Unique Financial Times

Bitcoin, which several analysts term as a ‘speculative asset’, has recently had price surges, reaching new all-time highs in just a couple of weeks. This price boost in digital assets like BTC coupled with the now common economic trends including inflation might possibly be the catalyst behind the money supply increase. 

Cryptocurrency adoption is one factor that businessmen like Warren Buffet are very hesitant about. However, Hip-hop artists like Snoop Dogg and multi-billionaire businessmen like Elon Musk are driving the public to take the so-called ‘leap of faith’. These individuals have somewhat created a market manipulation illusion that has driven many into investments. The money supply is bound to grow when people decide to go beyond their comfort zones.

It hasn’t been a pretty ride for the monetary markets over the last year.

Each and every trend of monetary exchanges that follow the US dollar was predictable. It resulted in the increased price of raw materials, commodities, food commodities, fuel, and transportation products that consumers are used to and need, thus stimulating a boom or a double boom and subsequent price increases. The COVID-19 pandemic hasn’t been merciful either, almost forcing a large percentage of the population worldwide to make digital transactions.

Money In, Money Out

Financial speculators could argue that the increase in M2 supply would most certainly guarantee an inflation percentage increase. In the last decade, China’s monetary-supply growth averaged a 23% increase annually. Nonetheless, the inflation rates have hopped from negative percentages 10 years ago to about 2.6%  currently. 

Technology has changed many financial sectors positively. Capital markets have grown with massive investment, advanced and automated trading systems have sped up execution, firms have become more efficient and knowledge has been acquired at a faster rate than before. This results in additional cash flow and more money.

Crypto-verse Grows, Money Boom Looms

The BTC market cap recently surged past $1T and attained a new ATH, recording a $56K price valuation. Several other crypto prices such as Polkadot and BNB are on the rise and the much-awaited ETH2.0 network has seen many Ethereum investors go bullish rather than bearish. As digital asset prices fluctuate, the value of these assets has meant nothing short of increased volatility.

Safe to say, more people every day want a piece of the cryptocurrency cake, though, institutional investors are not exactly excited at the prospect of incorporating crypto in their portfolio. Bitcoin is quickly becoming one of the most well-known and fully utilized forms of currency. As more people discover the virtual collectible that has attracted a growing number of serious investors, the price of Bitcoin will continue to climb.

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Bitcoin (BTC) $ 26,587.12 0.21%
Ethereum (ETH) $ 1,593.16 0.11%
Litecoin (LTC) $ 65.05 1.11%
Bitcoin Cash (BCH) $ 208.32 0.53%