Saturday , November 28 2020

As Bitcoin Price Rises, More Investors Are Buying In

Bitcoin HODLers are turning out in greater numbers, data from Glassnode shows.

As the price of Bitcoin goes up, so do the number of Bitcoin HODLers—at least that’s the trend observed by crypto analytics site Glassnode over the last couple days. 

The number of Bitcoin addresses holding more than 0.1 coins, (currently about $1,188) has hit an all-time high, and the number of addresses holding more than 100 coins (currently $1,188 million) has reached a six-month high, according to Glassnode. Meanwhile, the price of Bitcoin teases said HODLers at just below $12,000 per coin.

First: as of yesterday, October 19, there were 16,159 Bitcoin addresses holding more than 100 Bitcoin, Glassnode data shows. This just pipped the six-month high set on June 8, of 16,158. A couple other days observed a pushing of the envelope, too.

📈#Bitcoin $BTC Number of Addresses Holding 100+ coins just reached a 6-month high of 16,159

Previous 6-month high of 16,158 was observed on 08 June 2020

View metric:https://t.co/ceqO9LHIvs pic.twitter.com/tyo8RtHAVU

— glassnode alerts (@glassnodealerts) October 19, 2020

Second, and also as of yesterday: more addresses held at least 0.1 Bitcoin than ever before. Glassnode’s data showed that 3,160,057 addresses held at least 0.1 Bitcoin, beating out the previous all time high of 3,159,231…which Glassnode also observed yesterday. 

📈#Bitcoin $BTC Number of Addresses Holding 0.1+ coins just reached an ATH of 3,160,057

Previous ATH of 3,159,231 was observed earlier today

View metric:https://t.co/hZY8dBLpzX pic.twitter.com/P32p6cyFyR

— glassnode alerts (@glassnodealerts) October 19, 2020

So, what does this tell us? Well, it suggests that Bitcoin’s bumper week brought a couple of newbies along for the ride. The Bitcoin market has performed well this month, managing to excavate itself from the swamp of about $10,500 it’s been stuck in for the past month. 

Bitcoin’s good fortune started on around October 7, when its price started to rise from $10,650, sailing upward like a balloon to its current price of $11,844. Its highest price in the past 24 hours, according to data from metrics site CoinMarketCap, is $11,999,92.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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