Bitcoin (BTC) has been gradually consolidating in value following the epic bull run in 2017 and the subsequent bear market in 2018. Many investors took heavy losses last year and withdrew their involvement with the world of cryptocurrency. The current news now, however, is that market trends indicate that there are better days ahead for investors that are in Bitcoin for the long-term.
According to cryptocurrency journal Diar, “Bitcoin addresses show that retail investor attitudes remain strong.”
The number of addresses that hold between one to 10 BTC has grown by roughly six percent vs. Feb 2018. Going by the current rates, each address in question thus holds between $3,800 and $38,000 in BTC. These addresses comprise 10 percent of the current Bitcoin supply.
Even though these addresses aren’t exactly capable of moving the market by themselves, they illustrate the fact that many are currently in full-on Bitcoin accumulation mode.
Other addresses are hodling. For instance, of all addresses holding about five to 10 BTC, 97 percent of them have not budged — amounting to about two percent of all BTC at present. The majority of the bitcoins in these types of addresses were reportedly not purchased but allocated when Bitcoin was almost at its peak.
When all is said and done, Diar’s research suggests that bitcoins are becoming more evenly allocated than in the past — as larger addresses are decreasing while many smaller addresses accumulate.