May 30, 2024
Bitcoin: Short-Term Holders are Growing Again

Nowadays, in fact, those who intend to buy cryptocurrencies, such as Bitcoin (BTC) or Ethereum (ETH), can only do so by using a dedicated cryptocurrency exchange. In the future, however, the purchase could be made directly through a bank.

Signs of an impending recovery?

It is just one of the many rumors that continue to chase each other about Bitcoin and that highlight how it is a scenario that is always in the balance, which never manages to find certain stability.

Over the past few days, a spike that has been recorded by those in possession of Bitcoin in the short term could lead one to think that a terminal wave of sellers is on the way. A situation could suggest how the various capitulation and crisis events have now given way to a renewed scenario.

Short-term holders have actually extended their holdings even 330 thousand BTC

The latest version of the “The Week On Chain” report that was released by the company that deals with market analysis called Glassnode, highlighted how the various short-term holders have actually extended their holdings even 330 thousand BTC, starting from that month of May in which the whole world of Bitcoin seemed to have completely turned upside down. And this situation could also mean only one thing, that is, a new recovery trend would be around the corner.

During the mass sales, which kicked off in the months of May and June, the various short-term holders of the most famous digital currency in the world, registered an unknown trend in this period on the market. How? Providing the purchase of coins at decidedly reduced prices, starting at approximately $ 20,000. All this much more simply to be able to find yourself in a financial situation of clear convenience.

Bitcoin Was worth $ 25,000 again

This August, Bitcoin was worth $ 25,000 again. The last year for Bitcoin has been really complicated: well, however, it seems that the worst is not yet behind us. the prices of the most well-known and widespread digital currencies are experiencing a new decrease.

Of course, several experts still agree to keep a very cautious line, underlining how the risk of new swings that could involve prices is always more alive than ever.

The two most famous digital currencies –  Bitcoin and Ethereum, are still in a bearish position, by well over 50% compared to the historical peaks they had recorded during 2021.

In any case, the digital currency market recorded a significant rebound last July, since the price of Bitcoin has undergone an increase of more than 30%, while Ethereum has touched an increase of as much as 70% compared to the June data.

In short, according to this moment of writing, Bitcoin is around the $ 19,800 threshold, and Ethereum has meanwhile at $1540. This is undoubtedly linked to the data concerning the galloping inflation that was recorded in July, but also due to the improvements made after the Ethereum software update.

Inflation, compared to July, has decreased, albeit slightly, and this scenario has helped to push both the stock markets and the digital currency market once again.

In short, it seems that there is always a good interest from investors around Bitcoin, following the great collapse that occurred in the first months of 2022.

During the usual August monthly report, Bloomberg tried to compare the markets of Bitcoin with those of bonds, gold, and oil.