Bitcoin Reaches New Highs as 49% of Supply Remains Stored
• Bitcoin has experienced a bullish trend in 2022, with 49% of the total supply remaining in the same wallet for more than two years.
• Glassnode’s data shows that holders began selling during 2021’s bull market as the price of BTC increased.
• The consistent rise in Bitcoin’s value is an indicator of investor confidence and could lead to greater adoption of the cryptocurrency.
Bitcoin Experiences Bullish Trend
Bitcoin has been on a bullish trend since early 2021, with many investors confident that it will reach pre-2022 levels again. According to data from analytics firm Glassnode, 49% of the total Bitcoin supply has stayed in the same wallet for more than two years, which is equivalent to more than 9.45 million Bitcoins or about $220 billion at the time of writing.
Previous Peak Of Savings
Glassnode further explained this trend with a graph that showed a previous peak in savings during the last quarter of 2020 and beginning of 2021. This ended when holders started selling their coins as prices rose during 2021’s bull market, leading to a drop in savings until December when there was another surge due to consistent increase in Bitcoin’s value.
Indication Of Investor Confidence
The fact that investors have held onto their coins indicates confidence in Bitcoin, which is seen by many institutions as primary market mover and accepted as legal tender by some countries like El Salvador and Central African Republic. There are also reports of BTC being used for donations related to ongoing conflicts such as Russian-Ukraine war.
Bitcoin Reaches New High
Since January this year, Bitcoin is up 38% and recently hit $23,000 for its highest value ever recorded so far this year – showing that investor confidence hasn’t decreased despite bearish markets last year.
The current bullish cycle could be an indication that we are headed towards greater adoption and acceptance of cryptocurrencies like Bitcoin – something investors have been holding onto despite facing bearish markets last year