- The number of addresses holding 10 to 1,000 BTC have reached a record high since 2020.
- Total number of wallets increased to 151,100.
- Whales and Sharks improved their position by 5.4%.
Finally, something good is happening after a long time n the crypto industry, which was riddled with difficulties such as crypto winter, Terra ecosystem collapse, FTX saga, etc. The complete market has been down this year throughout. Some good news has come up for Bitcoin.
Per the reports of the crypto analytics portal Santiment, the number of addresses, which hold between 10 and 1,000 BTC, has reached a record high since 2020. Whales and Sharks in the industry have also increased their position by 5.4% in the last nine months. This brings the total number of wallets to 151,100.
Setting such records in the crypto market is common, especially during such a steep correction. The rise in the number of BTC wallets is directly proportional to a two-year low price of the cryptocurrency, which made it much more affordable. It should be noted that two years prior, Bitcoin arose from these levels to be at $60,000 per token. But a simple look at the current chart makes a huge difference obvious. In 2020 it was in a league of its own, breaking new heights, but now it seems that it is running backward from that point.
Bitcoin Weekly Chart Analysis.
Bitcoin stands strong at $17,415.20 with a 2.64% increase in the last twenty-four hours. Its value against Ether also increased by 0.40% to 13.60 ETH. At the same time, its volume increased by 11.09%, standing at $19 billion, and its market cap also increased by 2.63% to $334 billion. Its market dominance which was 39% this morning, hopped up to 39.34%.
The Bitcoin market seems to be recovering from a slump it suffered from the negative market sentiment generated by the FTX mess. It is signaling a downward trend line which shall act as resistance for the current movement.
If the price breaks that point, it shall face a close resistance at the $21,273.13 mark, while $15,631.46 might function as the closest support.
Suppose the BTC price breaks the trendline mark and respects the close resistance then the price action might hover between these two points unless the price significantly breaks the $21,273.13 mark. After that, the market can be expected to rise to the $28,927.39 mark in the coming months. However, touching the second resistance mark of $41,213.49 is still a very long shot.
If the price goes down further, $15,631.46 shall work as resistance and $9,671.30 as support. And the price action might wobble between these two unless a breakthrough comes up.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/12/13/total-number-of-btc-whales-has-increased-in-the-last-2-years-is-it-good-news/