Small Bitcoin ($BTC) Holder Number Hits New High as Sidelined Investors Move In
The number of Bitcoin ($BTC) addresses with small holdings on the flagship cryptocurrency’s network has recently hit a new all-time high, with blockchain data suggesting that investors who were previously on the sidelines are now moving in.
According to data from blockchain analytics firm Glassnode, the number of Bitcoin addresses holding at least 0.01 BTC, worth nearly $200 at the time of writing, has risen to a new high of 10.7 million on September 15.
The number of small bitcoin holders on-chain has grown at a time in which the price of the flagship cryptocurrency dropped below the $20.000 mark once again. According to CryptoCompare data. BTC is now trading at $19.600 and struggling to move back above the psychological mark that was hit as its 2017 cycle high.
As CryptoGlobe reported, the pseudonymous trader known on Twitter as Capo has told his over 500,000 followers on the microblogging platform that Bitcoin’s price faced a rejection around its resistance zone, meaning between the $22,500 and $23,000 marks, and is currently sitting at a support level.
In a separate tweet, the cryptocurrency analyst noted that he believes the flagship cryptocurrency could still drop to a low between $14,000 and $16,000, if BTC’s price trades below the $19,000 level.
Popular analyst Ali Martinez has suggested on the platform that the number of new daily BTC addresses being created is rising because there’s a “spike in interest from sidelined investors” who are now scooping up BTC below $20,000 per coin.
Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, has said that investors “need to get into crypto” ahead of the “biggest economic crash in world history.”
Featured image via Unsplas
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