Bitcoin course has been affected in the last few days. The events surrounding Binance, Coinbase and the US Securities and Exchange Commission (SEC) caused turbulence on the crypto market. But the short-term uncertainty should not hide long-term trends: All in all, things are not looking so bad for Bitcoin and the crypto market.
Bitcoin created 48,000 millionaires in 2023
As can be seen from data from bitinfocharts, the number of crypto millionaires increased by 48,000 in the first half of the year alone. At press time, the number was 76,078, an increase of 47,994, or 170.89 percent, from January 5.
However, the numbers can be deceiving. After all, crypto assets can be spread across multiple wallets, but the actual number of “Bitcoin millionaires” is likely to be far lower.
It depends on the perspective
Even if looking at the regulatory landscape may currently trigger gnashing of teeth, it helps to zoom out a bit. The Bitcoin price has risen by 65 percent from its low of almost 15,700 US dollars in December 2022. The current bitcoin rate is $25,874.00. It’s down 0.95 percent in the last 24 hours. In the course of the week it recorded a minus of 3.91 percent. Over the past month, the price has fallen 5.32 percent. In short: it doesn’t look all that bleak.
It also currently looks as if there are mostly “strong hands” in the market. As recent data from Glassnode shows, the number of Bitcoin long-term hodlers is steadily increasing.
HODLing remains the primary market dynamic as steadfast HODLers remain resolute in the face of adversity, sending the #Bitcoin Supply Last Active Bands to new ATHs.
🔴 Supply Last Active 1+ Years: 68.4%
🟠 Supply Last Active 2+ Years: 55.5%
🟢 Supply Last Active 3+ Years: 40.1%… pic.twitter.com/VR2pRIQjmV— glassnode (@glassnode) June 12, 2023
As you can see from the Twitter post, the number of wallets holding their Bitcoin despite everything is at its current all-time high.
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