Bitcoin’s price continues lull near $29K and was last seen at $29,237
According to InTheBlock analytics, the number of Bitcoin hodlers, referring to addresses held for more than a year, has recently reached a new milestone. IntoTheBlock notes that there are now over 27.65 million addresses holding 12.66 million BTC for over a year. Bitcoin price continues to decline near $29,000 and was last seen at $29,237.
Per IntoTheBlock’s holders’ composition by time held, the number of Bitcoin “hodlers,” or those who have held their BTC for more than a year, is comparatively higher than any other category of addresses, at 60%. Thirty-three percent have held onto their BTC for a year, while about 7% have held the coin for less than a month. The greater chunk of Bitcoin holders being medium- and long-term holders might suggest that Bitcoin may have been seeing pressure from this class.
Bitcoin stagnates near $29,000
Bitcoin has fallen around 4% in the past 24 hours, hitting the bottom of the $29,000-$30,000 range it has occupied for almost two weeks since the implosion of the UST stablecoin and the LUNA token which underlies it. At the time of writing, Bitcoin was valued at $29,237.
Alternative cryptos (altcoins), following Bitcoin’s lead, were also down for the past 24 hours, posting losses of between 3% and 12%.
Fantom (FTM) lost as much as 20%, while Apecoin was down 10.215% at press time. On the other hand, TRON was up 5%, gaining traction on the recent success of its USDD stablecoin and TRX burns.
Choppy trading conditions in recent weeks might indicate caution among crypto traders. On-chain analytics firm Santiment noted that a rare decoupling occurred on Monday when equities gained but Bitcoin fell.
According to Guggenheim Chief Investment Officer Scott Minerd, Bitcoin could decline further and fall to $8,000 from its current levels. This would represent a drop of more than 70% from Tuesday morning’s price of just over $30,000. The possibility of this forecast coming true remains to be seen as several indicators paint a mixed outlook for Bitcoin price.
