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Tuesday, December 6, 2022

Bitcoin BTC Has Held On To $20K Range

Ever since the investors of Bitcoin woke up as millionaires at the same time the ecosystem gained popularity, most of the investors around the world have been trying to replicate it.

With the price of Bitcoin trading at the range of $20,000 for the very first time since 2020, a lot of small-time investors have found a window of opportunity that will help them achieve their dreams. On the 20th of June, Cointelegraph did note that the number of wallet addresses for Bitcoin that contained around one BTC or more increased by around 13,091 in just over 7 days. On the other hand, the number of addresses with just a single BTC saw an immediate reduction. 

BTC Investments Have Been Increasing Steadily

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Several investors on Reddit have been waiting for this moment, as one user revealed that it did take him around $35k in total to accumulate 1 Bitcoin over several months ever since the 14th of February. With the investor showing continued support for the ecosystem, they are also aiming at procuring Satoshis until they accumulate over 2 BTC tokens. The Redditor had been purchasing BTC from Coinbase, the crypto exchange, but further started using Strike as it had lower fees. 

This resulted in another Redditor posting about being able to purchase a single Bitcoin token after they followed a dollar-cost averaging strategy. This implied that they had been purchasing smaller amounts of BTC over a large period of time. Between the 15th of June to the 25th of June the total number of wallet addresses for Bitcoin that were holding more than 1BTC grew by 873- as reported by data from Glassnode. Now, while the decrease in the prices of Bitcoin is being seen as a major opportunity for investment, Google search trends indicate that this has led to investors speculating about the demise of the cryptocurrency.

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