With sudden price falls pertaining to FTX collapse and falling BTC prices, a new milestone has been achieved by the most popular cryptocoin. On May 15, the Bitcoin traders unlocked a new level in purchase and sale of the crypto, as the trader count who held at least 1 Bitcoin rose to a million.
How will this dramatic supply help Bitcoin?
With FTX falling in November 2022, crypto market witnessing a severe cold winters of low purchase and high ratio of dumping, Bitcoin, nevertheless did not see any significant reduction in its popularity.
The sudden fall in the Bitcoin prices due to many crypto mining companies going bankrupt and major players leaving the market, it became somewhat easy for users to acquire at least 1 Bitcoin. This way, the total number of wallets having 1 Bitcoin increased to 79,000 which is almost 20% rise as compared to February 2022.
The number isn’t just a showoff of trader behavior in the market but is also a testimony that even a smaller price variation will lead to a big surge in market momentum. The number of wholecoiners has also seen a steady rise to 190,000. This achievement has led to many new investors entering the market as news envelopes the globe giving people a sense of easy acquisition.
Although, it cannot be said with certainty that all 1 million people hold 1 Bitcoin in a single wallet, it is being shown in the reports that many users have a number of account wallets linked to their respective Bitcoin Addresses to mint the most valuable cryptocurrency there is right now. The achieved number does not only include individuals but also institutional investors and organizations who hold large volumes of Bitcoins through multiple Bitcoin addresses.
A prominent figure who has co-developed a blockchain supported platform to bring applications to the users that can revolutionize the usability and toolkit of blockchain platforms, took on to his Twitter account and forecasted that if the current market momentum kept a good hold on its pace, soon the Bitcoin will be able to witness an all-time high price of over $35K.
Accordingly, a crypto-analysis firm has reported that the total current circulation of Bitcoin in the market has reached an approximate value of 19 million. Out of which 1.89 million BTC are held by major centralized crypto exchanges like Binance and Coinbase. Furthermore, in the report it is also stated that almost 3 million BTC, roughly $80.4Bn in value have been “lost forever”.
What is the future stance of Bitcoin?
While many speculations are spiraling around the future usability of Bitcoin, Bitcoin constantly is being hit by the volatility of the market and other geo-political factors like introduction of CBDC, global banks crashing, and countries like China putting a ban on crypto trading have also contributed in Bitcoin being a hostile venue for investors.
Bitcoin as on 16 May 2023, is being traded at a negative 0.61% in the market, with a trading volume of 13.077 Bn and FD market cap being 569.378Bn. While the liquidity score on a blockchain trading platform for purchasing a Bitcoin is 1052, the crypto is witnessing a bearish sentiment and quarterly reports for the same remain under uncertainty.
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/2023/05/16/btc-addresses-with-1-btc-crosses-1mn-mark-new-feat-achieved/