Despite the price drop of the crypto market by 40%, many Bitcoin metrics have positive indicators. Quantityaddresses holding more than 1,000 coins and the number of BTC millionaires have increased, along with network performance metrics such as hash rate.
— glassnode (@glassnode)October 11, 2019
There was a significant increase in 2019number of whales, which may be due to the accumulation of institutional resources. Bakkt will likely be one of these addresses, as it needs to store BTC for futures products. A huge surge was also seen in December 2018 when Bitcoin prices hit a low – $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 asgrowth of the price and acceptance of the crypto asset. At the moment Bitcoin – is still an immature asset class and technology, but it has the potential to become a global currency.