Data on the series show that Bitcoin’s adoption has been again chosen again, which could be upward for the price of encrypted currency.
The total amount of Bitcoin from the closure holders at all
According to data from the Analysis Company on the series SantimThe total amount of the pregnant woman was rising for Bitcoin recently. The “total amount of pregnant women” indicates an indication that, as its name already suggests, it measures the number of BTC governorates that bear a non -zero balance.
When the value of this scale rises, this can be due to several reasons. New investors who join the network and old people who sold the reinvestment earlier to the original can lead to an increase in the index. Current users who create multiple portfolios to manage their possessions or privacy purposes can also add to the direction.
In general, it tends to be a safe assumption that all three will happen simultaneously as the total amount of owners increases. Thus, some pure adoption can be considered.
On the other hand, the descending index means that some investors decided to remove their portfolios, and perhaps because they decided to get out of the encrypted currency.
Below is the graph that Santiment shares, which shows the trend in the total amount of the four higher currencies: 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 graph above shows, ETHEREM, XRP and USDT witnessed growth in the total amount of their owners for a period of time now, which means that the assets enjoy adoption.
On the contrary, Bitcoin has seen a major unification of the scale over the past few months. In January, the scale set the highest new level ever (ATH) of 54.72 million. However, the scale witnessed a decrease shortly after, indicating that the basic decline forced some investors to sell.
Interestingly, although the fluctuation of assets has continued over the past few weeks, the index has shown a transformation, with its value again to determine a new record.
The Analysis Company also notes,
This is partly due to the growth of the BTC network, and the largest portfolio of its division into smaller ponds. However, this indicates the continued expansion of the higher network of Crypto, although nearly 8 weeks of severe price fluctuations since the bitcoin price increased at a value of $ 109,000 ever.
Nowadays, the total amount of 54.71 million bitcoin holders sits, as it decreased by only 0.018 % compared to ATH in January.
BTC price
Despite the positive adoption that happened, Bitcoin was unable to keep any running recovery operations, as its price is still trading about $ 81200.
Looks like the price of the coin has been consolidating over the last few days | Source: BTCUSDT on TradingView
Distinctive image from Dall-E, Santiment.net, Chart from TradingView.com
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