By carefully analysing the blockchain of the oldest digital currency, very interesting conclusions can be drawn about the current situation on the digital assets market. According to specialists, they may indicate a constant accumulation of Bitcoinca (BTC) by investors. Such a situation has been happening for almost a year now. What should be expected in connection with the above? Is this a kind of prelude to the new Bitcoin (BTC) boom?
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According to a list prepared on 14 January this year, there were as many as 784,000 addresses with at least one Bitcoin (BTC) in the Bitcoin (BTC) network. This is an 11% increase compared to 70,000,000 last year. The above statement was prepared by Glassnode. It is also worth noting that the number of addresses to which Bitcoins (BTC) are assigned has more than doubled since the beginning of 2015.
The oldest of the digital currencies, and accumulation
According to a cryptographic rights analyst working for Digital Assets Data in Denver, USA, Mr. Connor Abendscher, continuous growth is the result of the accumulation of digital currencies is retail buyers.
The accumulation is also noticeable in the addresses owned by “whales”, the largest investors operating in the digital currency market. As we know, they are not only individual investors, but also companies. The richest addresses are also those owned by cryptic exchanges. Among others:
- Huobi
- Bitfinex
- Binance.
The first place on this list was taken by Huobi’s cold wallet, which according to the mentioned list currently holds 255 502 Bitcoin (BTC).
The number of addresses with balances between 0.1 Bitcoin (BTC) and 1 Bitcoin (BTC) increased by 10% year-on-year. According to the experts, small balances may be a kind of a consequence of large transactions or a resource of much smaller investors.
Value Warehouse
Connor Abendschein, a Digital Assets Data analyst, also believes that the increasing number of Bitcoin (BTC) addresses means that this digital currency is gaining much more value in the eyes of investors.
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The data mentioned above is a very positive indicator for the digital currency market. They clearly illustrate that the number of people who perceive Bitcoin (BTC) as a kind of value storehouse is constantly increasing. This can also be read as the fact that there is an accumulation in this space. It may mean a kind of prelude to a new boom. According to experts from this area, it may even lead to a bubble.
Will such a scenario really take place? Will the conclusions drawn by the experts work in this case? We will have to wait a few more months to find the answers to these questions. As you already know, in May this year we will have a halving bitcoin (BTC), which, as history shows, was a perfect introduction to the next bubble.
