Bitcoin Holding Addresses Defy Bearish Momentum to Hit ATH

Bitcoin Holding

Accounts holding bitcoins have reached an all-time high of 39.79 million despite the recent price volatility.

Cryptocurrency analytics firm IntoTheBlock reveals that 888,000 additional addresses have joined the network since the start of 2022.

The holders have been rising recently, with a widening gap between holders with one BTC and those with between 1,000 and 10,000 BTC.

Addresses with bitcoins of about 1 BTC have increased significantly since October 2020, with the whales reportedly being distributed. The trend among the deep-pocketed investors has made it harder for the market to maintain upward momentum.

The Bitcoin inflation rate, around 1.7%, which is about five times lower than that of the US dollar, is giving the asset some positive outlook.

The report follows a projection by the crypto community with 82% accuracy from historical data that the price of BTC will surge to $50,000 by the close of March.

Bitcoin is currently trading at $38,797 after a drop of 0.013% in the past seven days, with the market capitalization down 0.002% in the past day to $736.32 billion.

Source: Twitter 

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