Bitcoin Now Following A Trend That Previously Kicked Off The Start Of A New Bull Market | eBitcoinics.com

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Bitcoin Now Following A Trend That Previously Kicked Off The Start Of A New Bull Market

world news 31 Jan, 2020 bex.com Views: 458

Bitcoin's price is looking strong and enjoying good greens. Today, we jumped above $9,500, making yet another new high of 2020 and a level last hit in early November.

But interestingly, this surge in price has no effect on the HODLers.

According to the on-chain analytics firm, Glassnode, HODLed Bitcoin has been rather increasing “sharply” as we move into 2020. This could be because of the upcoming reward halving in May, which has been a historically bullish event of which investors have bullish expectations. Glassnode notes:

“Currently, over 40% of all BTC have not been moved for at least 2 years. Previously, we've seen this behaviour kick off new bull markets by restricting circulating supply and increasing demand.”

About 23 million entities own BTC

In another of its analysis, Glassnode found that 1910 entities hold more than or equal to 1,000 BTC while 75 entities hold equal to or more than 10,000 BTC.

The richest ones out there are 7 entities that hold equal to or more than 100,000 BTC which are all exchanges with Coinbase leading the pack, holding about 983 BTC. Coinbase is then followed by Huobi (369,100 BTC), Binance (240,700 BTC), Bitfinex (214,600 BTC), Bitstamp (165,400 BTC), Kraken (132,100 BTC), and Bittrex (118,100 BTC).

Together these exchanges control over 2,35,000 BTC, approximately 13% of the circulating supply of Bitcoin. Overall,

“as of January 2020 the number of entities holding Bitcoin is ~23.1 million. This is 18.5% less than the current number of non–zero addresses (~28.4 million).”

Instead of going with addresses, Glassnode chose entities because as it points out Bitcoin addresses can hold funds for more than one individual such as exchange addresses and a single entity can also own and control multiple addresses holding BTC.

The daily net growth of entities has also been a positive and strong one because there have been only 21 days so far in Bitcoin history in which the net entity growth was negative.

“This is a clear indication of a healthy and consistent adoption of Bitcoin over the past 10 years,” states Glassnode.

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