Fri, March 29, 2024

Crypto Market Overview: How Is Bitcoin Performing?

Bitcoin

The prawns of the crypto world have joined the whales in their final stop to dispel the Bitcoin winter.

The two opposing groups are HODLers — investors who hold bitcoin as a long-term supply and refuse to sell their assets — determined to fight off the shorts despite their portfolios in the red.

Shrimps, investors holding less than 1 BTC, collectively increased their balances at a rate of 60,460 BTC per month, the most aggressive rate in history.

Whales with more than 1,000 bitcoins added 140,000 coins per month, the highest level since January 2021.

Glassnode said that after Bitcoin’s worst month in 11 years in June, the decline appears to have eased as transaction demand seems to be moving sideways, suggesting new entrants are stagnant and likely to retain basic users, Namely HODLers.

In the past four weeks, bitcoin’s price has risen from around $19,000 to $21,000, less than a third of its 2021 peak of $69,000.

About 55% of individual U.S. crypto investors held their investments in response to the recent sell-off, while about 16% of investors globally increased their crypto exposure in June.

Bitcoin’s lowest point

The price of BTC has historically been at the bottom of all-time highs since its inception. McGlone claims a conditional run to $20,000 as this pivot support level in 2022 comes against the backdrop of a “risk action” decline against traditional markets. A $20,000 bitcoin could be considered $2 in 2011, $200 in 2015, and $3,000 in 2018. Mainstream mature.

In the shorter time frames, Bitcoin has managed to hold above $20,000 despite a decline in traditional markets and a stronger U.S. dollar. Given current macroeconomic conditions, investors continue to reduce risk, with the dollar near 20-year highs. Material Indicators (MI) data recorded around $20 million in bid orders for BTC prices between $20,000 and $19,000. These levels should act as support for further declines as BTC whales continue to accumulate.

YOU MAY ALSO LIKE

Ford

Quick Look: CVA Family Office LLC snaps up 4,559 shares of Ford

The government aspires to make Portugal Europe's top producer of prime lithium for electric car batteries.

Quick Look: Atlas Lithium signs investment and offtake agreements with Mitsui. Mitsui

Stocks and various factors, Baltimore

Quick Look: The Francis Scott Key Bridge in Baltimore collapsed after a

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in