Happy days are returning - a minimum of for the bitcoin market.
After a couple of monotonous months, bitcoin bulls have gained strength in recent weeks to push the worth briefly to quite $ 12,000. Although the worth of bitcoin has fallen back slightly to $ 11,700, the basics of the asset network are reaching new historical highs. Needless to mention , investors are more optimistic than ever, as they expect bitcoin to continue its growth.
Addresses with quite 1,000 bitcoins set historical document
New on-chain data provided by the Glassnode monitoring feature suggests that investors are accumulating at an accelerated pace. Specifically, Glassnode noted during a tweet on August 8 that the amount of addresses that currently store quite 1,000 bitcoins has reached a replacement historical document of two ,193. The previous record of two ,191 was recorded in September 2019.
Bitcoin apparently gained stability after a pointy drop last weekend. During this downturn, BTC plummeted from about $ 12,000 to $ 10,600 in an interval of minutes, leading to the settlement of quite $ 1 billion in long contracts.
Moving forward to this , bitcoin has recovered and is valued at $ 11,773.20 at the time of publication. The digital asset faces strong resistance within the region of $ 12,000.
That said, BTC's flourishing metrics, like the new high defined by portfolios with quite 1,000 currencies, indicate that the asset's upward trend may continue. during a tweet today, Glassnode noted that the share of BTC supply that has been inactive for quite three years has also reached a replacement two-year high of roughly 30%.
With cryptocurrency displaying such strong fundamentals, investors can not help but buy the asset.
Wall Street is extremely optimistic
In times of uncertainty just like the ones we face today, investors tend to show to safe ports like gold and silver. needless to say , precious metals have suffered wear and tear in recent weeks, far outpacing the performance of the stock markets.
However, Global Macro Investor founder and CEO Raoul Pal recently suggested that bitcoin is a good better protection against significant ongoing money printing.
