Bitcoin’s recent plunge brings more small investors into the crypto arena
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Bitcoin’s recent plunge brings more small investors into the crypto arena
Bitcoin price fell 9.8% last week, posting the biggest weekly drop since the second week of last March.
On Monday, Bitcoin reached the bottom of the last two weeks at $8,630, rebounding and trading at the time of writing at $8,878.
Despite the decline in the price of Bitcoin, the number of addresses with a smaller amount of Bitcoin continued to increase.
According to the data provided byglassThe number of unique addresses holding at least 0.01 bitcoin rose to 8,478,746 last Sunday.
Meanwhile, the number of addresses holding at least 0.1 bitcoin – an estimated $870 – rose to 3,053.004 on Friday.
Read:Mining Pools Decide to Distribute Mysterious $2.4 Million Ethereum Transaction Fee
Ki Young Joo, CEO of CryptoQuant, a blockchain analytics company, said:
Retail investors are likely to be in the accumulation phase.
As a reminder, bitcoin saw a 30% drop in four weeks after the second bitcoin reward split that occurred on July 9, 2016.
This decline was compensated for in the following months and prices rose to record levels until March 2017.
The growth in the number of small wallets of bitcoin addresses does not necessarily represent new investors and individuals, because a single user can hold bitcoins at multiple addresses instead of one.
Cryptocurrency exchange and custodian services also tend to hold bitcoin at multiple addresses.
Therefore, it is difficult to gauge the amount of growth of small titles and the appetite of new investors.
Even if the participation of small investors increases, it is not likely to have a significant impact on prices, as the large players (whales) still dominate the market.
According to the same data provided by Glassnode, the number of addresses holding 10,000 bitcoins and at least 1,000 bitcoins has decreased in the past two weeks.
Read:What is the “anyswap” project and its digital currency “ANY” and what distinguishes it?
Read also:
Nine billionaires reveal how much bitcoin they have in their wallets
Hacker claims to have stolen data from Ledger, Trezor and KeepKey wallets
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time