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The number of holders with at least 1,000 BTC in their portfolios or crypto wallets has increased by 11% this month according to Glassnode.
Glassnode has predicted an imminent Bitcoin bull run, highlighting HODling as a key component to that feat despite the cryptocurrency’s recent struggles. Bitcoin’s performance in last week’s trading session was nothing to write home about. The biggest cryptocurrency had a dreadful performance which saw its price drop from highs around $38,000 to levels under $30,000, falling as low as $28,878 on Thursday before picking itself up the next day.
Bitcoin at press time was trading at $31,692 and hasn’t shown any promising signs this week as on-chain metrics predict further losses in the coming days. The digital coin is currently struggling to sustain its recent uptrend and its current support level $31,000 is under serious pressure to hold the coin’s momentum. Its current price has been a result of a push by the bulls to try and regain control.
Bitcoin’s recent drop has been linked with the recent comments of newly appointed Secretary of the USTreasury, Janet Yellen who describes it as “something associated with illicit activities” and the speculative notion of a flaw in the cryptocurrency known as “double spend.”
Cryptocurrency on-chain analysis firm, Glassnode isn’t however buying into that notion and believes there are positive signs that shows the cryptocurrency is ready to bounce back. Glassnode has revealed that Bitcoin HODling is on the rise as holders are not looking to sell their BTC, but looking forward to another uptrend from the coin which they believe will happen soon.
Holders with at least 1,000 BTC in their portfolio or crypto wallet have increased by 11% this month according to Glassnode. The number of whales or large volume holders of Bitcoin has been on the rise for months now. Almost 185 new whales have been created according to Glassnode since the start of January, representing the 11% increase and are HODling it with hopes of surge soon.
The firm also revealed that cryptocurrency inflows hit $1.3 billion last week, a record high and a bullish sign for the digital coin as it signaled that investors bought the dip. According to Glassnode, this means that investors are taking advantage of the dip and buying more of the initial coin as they believe they will double or triple its value in the coming days.
Gladsnode also stated that, even though the aSOPR fell sharply last week, its indicator has reset, meaning BTC holders transacting the digital coin every hour, on a 24-hour trailing average, are on the average, unwilling to sell even at a profit. Adjusted SOPR (aSOPR) is described by Glassnode as an indicator which “represents the profit-ratio of coins based on the price of Bitcoin when they were last moved on-chain.”
“In order for SOPR to go lower, investors would have to be willing to sell at a loss, which is unlikely given the current shape of the market […] We have been looking for this reset in order to generate some stability in the market and pave the way for the next bull run,” the company noted in a statement.
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