From the start of 2022 Crypto market is mirroring a severe decline, and all sorts of cryptocurrencies, including digital coins and the Nfts sector, are struggling. Although among all listed cryptocurrencies, Bitcoin is the top loser, and it’s lost its prices by around 50%.
Why are Bitcoin addresses decreasing?
In a survey conducted by Glassnode, it is observed that the number of Bitcoin addresses that were sending the cryptocurrency and were involved in sending Bitcoin to centralised exchanges is selling off their BTC holdings, and it is believed that this is happening after the crypto winters which is troubling crypto market from last 22 months.
On Thursday, the number of addresses dropped and reached around 4,445.369, also termed one of the lowest numbers. And on Friday, the decline in addresses continued, and the figure reached 4,443.202.
While writing this, Bitcoin is trading at $19,095.71 compared to the prices of the last 24 hours and is currently down by 2.56%.
From the last one to till date, a massive difference has been seen in the Prices, Volume, and Market cap, and it is as follows:-
Prices of Bitcoin as on 24/09/2022
Price:- $19,095.71
Trading Volume:- 38,131,672,989
Market Cap:- 365,893,403,651
Prices of Bitcoin as on 24/09/2021
Price:- $42,839.75
Trading Volume:- $42,839,345,714
Market Cap:- $806,470,363,647
During the last 365 days, the Bitcoin has depreciated nearly 60% and this price drop raises the selling speed of bears. Buyers will have to struggle a lot to recover their losses.
According to data from CoinMarketCap, while writing this article, the global crypto market cap is around $943.56B, with a total trading volume of the last 24 hours is around $79,922,867,435.
Some crypto market analysts believe that in the upcoming few months, Bitcoin will discontinue its downtrend and will follow the upward trend. As soon as the crypto winters get over, the time will change, and use cases of crypto will increase.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/09/24/bitcoin-addresses-sending-btc-to-exchanges-followed-to-decline/