Data on the chain show that the Bitcoin adoption has recently been again, which may be stubborn in the price of cryptocurrency.
Bitcoin The total number of owners closes at the highest level
According to data from an analytical company in a chain SingleThe total number of owners has been rising lately for Bitcoin. “The total amount of holders” refers to the indicator, which, as its name suggests, measures the number of BTC wallets carrying a non -zero balance.
When the value of this record increases, it may result from several reasons. Novel investors attaching to the network and the ancient ones who have previously sold reinvesting in the resource may result in an enhance for the indicator. Current users creating many wallets to manage their farms or for privacy purposes can also enhance the trend.
In general, it is a sheltered assumption that all three of them would occur simultaneously every time the total number of owners enhance. Therefore, some net acceptance can be considered as occurring.
On the other hand, the fall indicator suggests that some investors decided to neat their portfolios, potentially because they decided to leave the cryptocurrency.
Here is the chart made available by Santiment, which shows the trend in the total number of owners for the four best cryptocurrencies: Bitcoin, Ethereum, XRP and USDT.
The value of the metric appears to have been on the rise for all of these coins in recent days | Source: Santiment on X
As the chart above shows, Ethereum, XRP and USDT have been witnessing an enhance in the total number of owners for some time, which means that the assets enjoyed reception.
And vice versa, Bitcoin has mainly observed consolidation in the record over the past few months. In January, the record set a novel all time (ATH) at 54.72 million. Despite this, the indicator fell shortly thereafter, indicating that the bear prices forced some investors to sell.
Interestingly, although the resource variability has lasted over the past few weeks, the indicator has shown a return, and its value moves again to set a novel record.
As the analytical company notes,
This is partly due to the enhance in the BTC network and larger wallets dividing into smaller ones. But this indicates the further extension of the highest cryptocurrency network, despite almost 8 weeks of extreme price variability since the highest level of Bitcoin price in the amount of USD 109,000.
Currently, the total number of owners is 54.71 million for bitcoins, only a decrease of 0.018% compared to the January ATH.
BTC price
Despite the positive party, Bitcoin was unable to maintain any recovery activities, because its price is still around USD 81,200.
Looks like the price of the coin has been consolidating over the last few days | Source: BTCUSDT on TradingView
A distinguished painting with Dall-E, Santiment.net, chart from tradingview.com
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