On-chain data shows that the number of Bitcoin addresses with at least 1 BTC available has hit a new all-time high.
This Wednesday, The number of Bitcoin addresses with 1 BTC or more available reached 894.303 directions, marking a new all-time high for the market's leading cryptocurrency amid high volatility.
According to crypto market analytics firm GlassNode, long-term Bitcoin holders had been selling their cryptocurrencies in the bear market. However, selling pressure has eased as spot prices of the cryptocurrency are trading above their average cost basis, the firm said.
In your report “Market Pulse: Are Bitcoin Long-Term Holders Spending Their Coins?”GlassNode had noted that despite the uncertainties brought about by the global macroeconomic outlook, the crypto market has been showing signs of recovery, which may be motivating investors to accumulate their cryptocurrencies again.
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Addresses holding 1 BTC grew by over 3.200 new addresses since July
Since last month, the number of active addresses with 1 BTC or more available has grown by 0,37%, with 3.294 new Bitcoin addresses holding this valueAs of July, there were 891.009 BTC addresses with 1 bitcoin or more available, according to GlassNode.
Source: GlassNode
Data released by the analytics firm shows that despite the drop in Bitcoin's price this year, the number of addresses with 1 BTC or more available has increased significantly. According to this data, since the beginning of this year, Addresses holding 1 BTC grew by 11% on average since JanuaryThis growth exposes the interest among Bitcoin holders and investors to take advantage of the decrease in the price of BTC to continue accumulating the cryptocurrency.
There are currently over 53,14 million active BTC addresses on the network, which is a 30-day high since July.
Although 2022 has been a difficult year for the cryptocurrency industry, a significant portion of investors remain confident in its long-term potential.
Research firm Civic Science published a study on the cryptocurrency market in late July. In it, it indicated that 48% of crypto investors had sold at least a small portion of their holdings during the bear market. However, it also revealed that a significant portion of investors stood firm and did not sell their crypto assets. According to the firm, regular investors may be accustomed to volatility and sharp swings in the price of digital assets and are confident that they will simply recover their value eventually.
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IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
