Rafael Schultze-Kraft is the CTO and Co-founder of Glassnode, shared an update about the Bitcoin holders. According to him, Bitcoin addresses that own more than 1 BTC reached at one Million. Glassnode is the on-chain market intelligence platform that provides on-chain and financial metrics, charts, data and insights for Bitcoin and digital assets.
The graph-chart showing the data from 2010 till now. In which two different lines are indicating Bitcoin addresses with more than 1 BTC and BTC price in USD. The increase in Bitcoin wallet addresses shows Bitcoin’s long-term value proposition and its status as a store of value and medium of exchange. Looking ahead, the milestone sets the stage for the continued adoption and growth of Bitcoin.
It must be noted that any single address doesn’t always represent a single person. Many crypto investors maintain multiple addresses, while certain cryptocurrency exchanges and investment firms own large sums of Bitcoin. As CoinGlass, the crypto analytics provider states around 1.89 Million of Bitcoins are held on by major crypto exchanges such as Coinbase.
Moreover, Glassnode also updated that “the cost basis for Bitcoin short-term holders is hovering nearly $25.2K.” As the on-chain platform noted, this represents “break-even for recent buyers.”
According to CoinMarketCap data, the global crypto market cap is $1.14 Trillion with a 1.63% increase over the last day. Additionally, the total crypto market volume over the last 24 hours is $29.03 Billion, which makes a 38.33% increase. The volume of all stable coins is now $25.98 Billion, which is 89.48% of the total crypto market 24-hour volume. The dominance of Bitcoin dominance is currently 46.48%, an increase of 0.19% over the day.
Bitcoin (BTC) Price Analysis
At press time, the price of BTC trading at $27,397 with 1.73% of increase in the last 24-hours, with a 24-hour trading volume of $13,30 Billion. BTC has a current market cap of $530.30 Billion, according to data sourced from Tradingview.
As the above chart indicates, bulls are active in the market and took the price above 100-day EMA. At present the price of BTC is nearing its 50-day EMA. The continued bullish run may also have taken the RSI of BTC upside. It must be noted that last month, BTC surpassed the $30,000 mark, while the other cryptocurrencies also showed bullish outlook. After which, the price of BTC slid its lowest that was nearly around $25,800.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/15/bitcoin-wallets-holding-over-1-btc-hits-a-million-glassnode-cto/