Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High
The Bitcoin price has been gaining momentum and steadily rising back to a more bullish price position of $30,000. Despite market downturns, long-term holders of the cryptocurrency are increasing their investments in hopes of a significant bull run. s the holder metric hits a new all-time high.
Bitcoin Price Rises As Holder Metric Peaks
Bitcoin’s price has been consolidating for a while now, pushing past the $27,000 threshold and being traded presently at $27,047. The cryptocurrency is slowly moving towardsthe $30,000 mark, defying bearish expectations.
Co-founder of Reflexivity Research, Will Clemente revealed a chart report illustrated by Glassnode, a blockchain data and intelligence platform, in an X (formerly Twitter) post on Thursday.
The chart revealed metrics of Bitcoin long-term holders (LTHs) and short-term holders (STHs) as well as data on Bitcoin’s holder supply, circulating supply, and adjusted supply.
The chart revealed that three out of four BTC are currently owned by long-term crypto investors. Clemente stated that 76.09% of Bitcoin’s total supply is currently owned by long-term holders, indicating a major all-time high in Bitcoin adoption for LTHs.
“The percentage of Bitcoin supply held by long-term holders just officially reached its highest level ever at 76.09%,” Clemente stated.
This revelation underscores the growing resilience of the world’s largest cryptocurrency and the strong confidence crypto investors have in Bitcoin as a store of value compared to other cryptocurrencies in the industry.
According to Glassnode’s data, short-term holders of Bitcoin are more likely to trade their cryptocurrency for quick profits during high-volatility markets. While long term holders usually hold their crypto assets for durations longer than 155 days, using a buy-and-hold strategy and patiently waiting for a bull run to gain significant profits.
Bitcoin Growth Rate Defies Bearish Signals
The recent positive trends in the cryptocurrency may be attributed to various factors including the possible approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), and the launch of Bitcoin Spark, a hard fork of Bitcoin. There has also been an increase in the adoption of BTC across different regions of the world.
The cryptocurrency recorded all-time highs in user adoption in Brazil, amassing over 3 million crypto users in June. A March survey conducted by Ripple and Faster Payment Council has also suggested that Bitcoin adoption may grow as high as 50% in 2025.
Although the Bitcoin price has been subject to wild fluctuations and regulatory scrutiny over the years, its surge past the $27,000 mark comes as great news to investors who are looking to profit from the market.
BTC bulls in control as Bitcoin price reclaims $27,000 | Source: BTCUSD on Tradingview.com
Featured image from CryptoSlate, chart from Tradingview.com