Number Of People Owning 1 BTC Nears One Million Amid Market Downturn
By Liza Mazurina – July 5, 2020
Two months after the Bitcoin halving event, the number of addresses holding 1+ BTC keeps rising. This trend has continued since the ‘Black Thursday’ market crash in March, which had a catastrophic impact on stocks and cryptocurrencies as both markets thumped deep asset price levels. However, several months later, Bitcoin has strongly recuperated – and up over 43% in the second quarter of 2020.
Strong interest potential has always allured many new investors who are gradually increasing their bitcoin stash. Presently, the number of addresses holding one or more BTC is coming closer to 1 million according to data from Glassnode.
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According to some prominent industry executives in the crypto space, BTC price may go as high as the benchmark of $50,000 in the face of post-halving euphoria. Many experts foresee an upcoming bullish trend, which may be realized later this year. Nevertheless, there’s always a healthy degree of skepticism regarding overly positive projections.
The rise in crypto interest also comes amid a high uncertainty surrounding the S&P 500 and the future of the global economy, especially as rumors spring up about a new tier of martyrs to the pandemic. Besides, as the bailout money printing becomes the only way to save the economy, inflationary risk creeps nearer by each day.
That’s why it comes as no surprise that enthusiasm surrounding Bitcoin has reached a fever pitch. And not without reason – massive whale withdrawals from major exchanges point to the first signs of the upcoming bullish trend, and the growing popularity of ‘HODLing’ strategy may be interpreted as a positive sign.
While a growing interest envelops altcoins, Bitcoin may take better advantage of political and economic uncertainty as it already has the substantial potential of trumping gold.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Liza Mazurina and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe