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The number of people who have reached more than one Bitcoin (BTC) is at an all-time high

The number of people who have reached more than one Bitcoin (BTC) is at an all-time high

While Bitcoin (BTC) is suffering a historic loss of value, and trying to maintain it in some way, the number of addresses with more than one Bitcoin (BTC) has reached an all-time high. Data that contrasts with the level of Bitcoin (BTC) volatility. Therefore, for many buyers now have a chance to seize because of the low price of Bitcoin (BTC).

Record number of holders of more than just Bitcoin (BTC)

On May 16, 2022, the number of Bitcoin (BTC) addresses with one BTC and more reached a new total high of 841,224, according to the data provided. at Glassnode blockchain analysis platform. The increase in the number of holders coincided with bitcoin (BTC) falling more than 55 percent from the highest level of nearly $ 68,000 recorded in November last year.

Who bought more than just Bitcoin (BTC)?

Even with a high level of volatility, buying BTC is still too expensive for most retail investors. So the price crash may have prompted large investors, known as whales, to increase their holdings of BTC when its value fell. However, while whales have accumulated a significant share of the asset, most of Bitcoin (BTC) is distributed among retail investors who own parts of the “king of crypto”. It is also worth remembering that, due to the anonymity of Bitcoin, it is almost impossible to determine the specific owners of addresses that have at least one base.

Bitcoin (BTC) new digital gold?

The accumulation of Bitcoin (BTC) by whales can also be interpreted as an indicator that the asset is more than ever seen as a store of value in the context of network growth. The concept of Bitcoin (BTC) as a store of value, or digital gold, has been frequently explored, especially with rising inflation.

Opportunity to buy the “King of Cryptos”?

In general, a reduction in price gives an opportunity to buy because a sale, for example, could result in losses Glassnode points out. As of May 16, the platform reports that the number of Bitcoin (BTC) launches making an average of seven-day highs hit a 21-month low.

The low price of Bitcoin (BTC) may motivate it to buy it. At a time when sales are at a loss, it is an even more attractive option to set aside its assets until the price rises. Especially since the price of Bitcoin (BTC) could rise in the coming months. Meanwhile, the number of addresses with more than one Bitcoin (BTC) is likely to increase, as long as the price of the latter does not rise.

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Gregory Morat

A student passionate about entrepreneurship and interested in the technologies behind cryptos! Yes, I’m convinced that the two are closely linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.

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