News Bitcoin HODLers haven't touched their crypto in over a...

Bitcoin HODLers haven’t touched their crypto in over a year

-

- Advertisment -

The majority of Bitcoin HODLers have not moved their crypto in over 12 months, according to new research.

Data analyzed by bitcoin analyst Rhythm found that 11.58 million (or around 60% of Bitcoin circulating supply) have not moved wallets once in the last 12 months.

Commenting on his analysis on Twitter, Rhythm said that “even with a 85% increase in price during that time, those millions of bitcoin were not sold or traded—Hodlers of last resort are insane.”

November was a bad month for bitcoin. In October, the number one cryptocurrency by market cap surged, adding nearly $2,000.

Since then, bitcoin has retraced all those gains amidst news that China has signaled its “blockchain not Bitcoin” stance followed quickly by a crackdown on local crypto exchanges. But according to new blockchain data, it looks like China’s moves and bitcoin’s price fluctuations have done little to whet the appetite of Bitcoin HODLers.

The data suggests that many in the Bitcoin ecosystem are likely HODLing onto their funds, and have not been tempted to convert their cash into fiat. This data mirrors the rise in popularity of the “stakingsats” hashtag on Twitter, where HODLers compare their long positions on bitcoin and other currencies. Looking at recent price data, is not difficult to understand why.

In November alone, bitcoin saw four consecutive weeks of weekly losses—with the digital asset falling over 35% from its October 26 peek to hit a low of $6,500 this time last week. Interestingly, the poor performance in November for bitcoin is not out of the ordinary. In 2018, bitcoin fell nearly 50% as the digital asset eventually broke bellow its longstanding $6,000 support to reach a low of just over $3,000 by December 2018.

Since last week’s $6,500 low, bitcoin has found a little momentum—shooting up 8% as the much-hyped US-based futures exchange Bakkt broke records for both trading volume and open interest (total of all traders with active positions open) last week.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

IMF: Risk of substitution of domestic money by central banks’ digital currencies

Central banks around the world began looking closely at the issuance of their own digital currencies, known...

Ripple: The cryptocurrency that will ‘change’ the world in 2020

Ripple could say he's a child of Bitcoin: In December 2017 Bitcoin hit a record price in...

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders. Spain's government has reportedly approved...

CryptoTaxCalculator Partners With CoinSpot

Australia’s leading cryptocurrency exchange CoinSpot has partnered with Australian made CryptoTaxCalculator to help users deal with the...
- Advertisement -

Will Cryptocurrency Survive in 2021?

The million dollar question: ''Will Cryptocurrency Survive in 2021''? Should you keep investing?

How to make money on COVID-19

It's no secret that many people lost their jobs and a lot of money as a result...

Must read

- Advertisement -

Read Next
Recommended to you