Bitcoin Shrinks As Volume Drop
By Laxmikant Khanvilkar
Cryptocurrencies continue to suffer from cold investor support which has resulted in drying supplies and less trading activity.
In the past couple of sessions, crypto added well as traditional financial markets have shown signs of stress from more the rate-hike prospects as well as recession concerns.
Bitcoin, the most popular cryptocurrency, has dipped towards $23,000 mark. It quoted near $23,160 mark most recently. Ethereum slid towards $1,600 level.
The global crypto market capitalization has decreased by 1.30% in the last 24 hours, now standing at $1.06 tn. The 24-hour trading volume of the entire crypto market has dropped by 5.33%, now amounting to $42.79 bn. The volume of decentralized finance (DeFi) projects accounts for 11.43% of the total crypto market volume, currently standing at $4.89 bn. The trading volume of stablecoins is 90.40% of the total crypto market 24-hour volume, with a total amount of $38.69 bn. Bitcoin’s dominance rate has remained unchanged, currently at 42.31%.
Meanwhile, an interesting trend has emerged from the on-chain data analysis that suggests investors are taking benefit of the ongoing crypto winter. The number of bitcoin addresses holding at least 1 BTC — worth $23,200 — reached a new all-time high of 982,932.
Data provided by blockchain analytics platform Glassnode shows that the percentage of bitcoin that has not been moved for at least one year just reached a new all-time high of 67.037% and the percentage of BTC not moved for at least five years just hit a new all-time high of 28.269%.
Similarly, also the amount of supply last active at least 10 years ago just reached a new all-time high of 2.64 million BTC currently worth nearly $61.5 billion.
All of this data point to an increasingly shrinking bitcoin’s real supply, as many of those old wallets with significant holdings are not likely to ever come back to life.
You need to login in order to Like
