Cryptocurrency
12.6% of Bitcoin supply moved at prices above $30,000
Bitcoin traded at $32,208.24 with a daily trading volume of $58.9 billion and a circulating supply of 18,611,475 BTC coins.
It’s now becoming certain that a significant number of investors are grabbing flagship crypto asset, Bitcoin, for wealth gains, as about 12.6% of Bitcoin supply is held by investors who bought at over a $30,000 price tag.
- Data retrieved from Glassnode reveals 12.6% of the Bitcoin supply (2.3 million BTC) was moved at prices above $30,000.
- This is substantial, given that $BTC crossed $30k just this year. It suggests that investors are injecting capital, and therefore confidence in further price appreciation.
READ: 273,000 Bitcoins taken away from crypto market within a month
12.6% of the #Bitcoin supply (2.3M BTC) was moved at prices above $30,000 USD.
This is substantial, given that $BTC crossed $30k just this year. It suggests investors are injecting capital, and therefore confidence in further price appreciation.
Chart: https://t.co/Q0OZye5SIk pic.twitter.com/mUFA2cRtPw
— glassnode (@glassnode) January 25, 2021
READ: List of Cryptos expected to outperform many financial assets in 2021
Also, the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.
What this means: Over the last 21 days, 141 new whale addresses with over 1,000 BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.
- The total amount of capital inflows into Bitcoin in the past 30 days (as estimated by the realized cap), is as high as the whole $BTC market cap in Sept 2017 and early 2019 at $70 billion USD.
Bitcoin is seeing the largest depletion of liquidity in years. - Not only are funds being withdrawn from exchanges, but coins are continuously moving to strong hands.
- In the past 30 days, around 270,000 BTC moved to entities considered HODLers.
READ: Crypto traders suffer heavy losses of $639 million within a day
At press time, Bitcoin traded at $32,208.24 with a daily trading volume of $58.9 billion. It is down 0.50% for the day.
It has a circulating supply of 18,611,475 BTC coins and a max. supply of 21,000,000 BTC coins.
Chainalysis found that although retail traders are responsible for 96% of transactions, professionals move the bulk of the volume.
READ: Why Ethereum is becoming more attractive than Bitcoin
“Retail traders, whom we categorize as those who deposit less than $10,000 USD worth of Bitcoin on exchanges at a time, appear to be the large majority, accounting for 96% of all transfers sent to exchanges on an average weekly basis.
“Professional traders, however, control the liquidity of the market, accounting for 85% of all the USD value of Bitcoin value sent to exchanges,” it said.
READ: 94% of Bitcoin investors are making money
The report continued by stating:
“Bitcoin moving from the investment bucket (or potentially even the lost bucket if the earliest adopters still have their private keys) into the trading bucket could become a crucial source of liquidity.
“However, one would expect this will only happen if Bitcoin’s price rises to a level at which long-term investors are willing to sell.”
Cryptocurrency
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Billionaire Watch
Dogecoin could eventually hit $1
Dallas Mavericks owner, Mark Cuban is predicting the price of the Dogecoin will eventually hit $1,
Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.
In a recent tweet, posted by the American-based billionaire, Cuban revealed customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of writing this report — in transactions for his basketball team claiming the franchise was now “the largest Dogecoin merchant globally .”
Cuban anticipates that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token touch will “definitely hit $1.”
READ: Football-based Crypto, is world best performing Crypto in 7 days
The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!🚀🚀🚀
— Mark Cuban (@mcuban) March 6, 2021
Cuban was known for creating the video portal, Broadcast.com with Todd Wagner in the mid-nineties and sold it to Yahoo for $5.7 billion in 1999.
Today he owns the NBA’s Dallas Mavericks and has stakes in Magnolia Pictures, AXS TV, and dozens of small startups.
According to Forbes, Mark Cuban is valued at about $23.4 billion at the time of writing this publication.
READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban
What you should know: Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”
It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
READ: Why Bitcoin could be worth $1,000,000
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.
- Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
- The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
- This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.
Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.
