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ETHUSD

Ethereum

1,806.11
-84.68 (-4.48%)
Real-Time
Name Symbol Market Market Cap ($) Algorithm
Ethereum ETHUSD Crypto 217,125,221,594 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -84.68 -4.48% 1,806.11 1,806.07 1,806.19
High Price Low Price Open Price Prev. Close 52 Week Range
1,891.34 1,777.25 1,888.08 1,890.79 880.00 - 2,142.85
Exchange Last Trade Size Trade Price Currency
GDAX 20:12:30 0.008702 1,806.11 USD
Price x Volume Volume Base Symbol Related Pairs
252,961,302.98 137,460.53 ETH ETHEUR ETHGBP ETHBTC

Half Of All Bitcoin Unmoved In 2 Years: What Does This Mean For The BTC Price?

07/02/2023 6:00pm

NEWSBTC


A popular crypto analyst called “Documenting Bitcoin” released fresh data on Tuesday showing that half of all Bitcoin (meaning 9.64 million BTC worth $86.4 billion) have not been moved for the last two years. At the time of writing, there is 19.28 million BTC in circulation, and the number of untouched coins represents about 50% of the current supply. Unmoved BTC is determined by how much of the cryptocurrency has remained illiquid inside its holders’ wallets over a given period compared to its total supply. Institutional Demands Driving Up BTC Price             The data shows that 50% of the Bitcoin in circulation has remained intact within its wallet for two years. This coincides with a period in which the digital coin saw increased adoption by institutional investors. Institutions have been purchasing large amounts of Bitcoin and holding it for long-term purposes without the intent to sell. This has helped to increase the valuation of the coin. Related Reading: Bitcoin and Ethereum Whale Activities Plummet – Are Whales Getting Bored? Though Bitcoin price hit its all-time high record of the $69,000 mark in November 2021, investors have shown no signs of selling because their long-term investment strategy seems to be in play. Investors have opted to hold the coin for the last two years despite price swings. Institutions continue to see the long-term potential of the cryptocurrency and have been increasing their allocations despite the sector going through a severe bear market. Data released last November showed that 62% of institutions invested in cryptocurrency had increased their holdings over the previous 12 months. The survey indicated that only 12% of institutional investors had reduced their crypto exposure, meaning that most institutions have remained bullish on virtual coins long-term despite prices dropping. Of course, the crypto winter presented an opportunity for long-term users to purchase in the dip. Half of Bitcoin has remained unmoved for two years, implying that the virtual asset is developing its momentum toward becoming a store of value and digital gold. This is an essential development for the Bitcoin ecosystem as it signals a growing level of long-term confidence and stability among investors. The demand has outweighed the supply of new coins. Bitcoin has a maximum of 21 million coins that mining can produce. With this fixed supply, an ever-rising demand appears to send the crypto’s price surging. Bitcoin Price Action Looking at the price chart below, Bitcoin was trading its value at around $50,000 in December 2021. However, at the beginning of 2022, things started falling apart. In January last year, its price fell below $42,000. In May, the crypto was trading for about $39,000, with a sudden plunge to $29,000. June was when the crypto asset fluctuated its price between $19,000 and $20,000. November was when the BTC price dropped to the $16,000 level, and since then, the crypto has managed to rally its price relatively. Related Reading: Bitcoin Surges To $23,000 As Miners Sales Sees Multi-Year Low So far, Bitcoin has soared its value by about 40% this year. The cryptocurrency currently trades at $23,011, up 0.43% in the last 24 hours, with a trading volume of $24 billion. The digital asset is ranked the most prominent cryptocurrency, with a market cap of $443 billion, according to Coinmarketcap. Featured image from Unsplash, Chart from TradingView.com

1 Year Ethereum Chart

1 Year Ethereum Chart

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