Despite the price drop of the crypto market by 40%, many Bitcoin metrics have positive indicators. amount addresses containing more than 1000 coins, and the number of BTC millionaires has grown along with network performance indicators such as hashing speed.
- glassnode (@glassnode) October 11, 2019
In 2019, there was a significant increasethe number of whales, which may be due to the accumulation of institutional resources. Bakkt is likely to be one of these addresses, as it needs to store BTC for futures products. A huge surge was also observed in December 2018, when Bitcoin prices reached a minimum mark of $ 3200.
Falling prices are dangerous even for experienced traders, but bear markets can provide excellent opportunities to buy cheaper assets.
The growth of addresses containing more than 1000 BTC directly indicates this, and may also indicate an increase in capital on cryptocurrency exchanges.
Another chart published by analyst Willy Wu showed that the number of BTC millionaires is only 12,000 out of 36 million in the world.
Here's the chart for the number of Bitcoin Millionaires over time *, around 12,000 right now.
There's 36m Millionaires on this planet, it's still early days if you believe BTC will be the new currency.
* gross approximation, uses balance in unique addresses
Data by @coinmetrics pic.twitter.com/MMD3J4BETE
- Willy Woo (@woonomic) October 11, 2019
This number may also increase as it grows.prices and adoption of a crypto asset. At the moment, Bitcoin is still an immature class of assets and technologies, but it has the potential of turning into a global currency.