Glassnode reports that more than 60% of BTC in circulation did not move during the year, as most investors began to adhere to the HODL strategy.
According to analysts, this percentage of BTC was last in 2016, a year before the “bullish” growth of the first cryptocurrency. Despite the strong decline in the cryptocurrency market in March this year, Bitcoin was able to almost fully recover, and it seems that long-term holders were not affected by the fall.
Last month, Glassnode said that retail investors were buying BTC on the back of the depreciation of the first cryptocurrency. Then the price fell by 9.8%, showing the most serious decline in one week since mid-March.
The market capitalization of cryptocurrency is calculated by multiplying the price of the crypto asset by the total number of coins in circulation. However, huge amounts of BTC coins often do not move for years.
CoinMetrics has long proposed that inactive BTC coins should be excluded from the calculations of market capitalization, which is usually regarded as an indicator of market conditions.
The other day, a popular cryptocurrency analyst from Credible Crypto expressed confidence that Bitcoin is completing its 900-day accumulation phase and preparing for a “$100,000 or higher” jump.
Technical analysis of Bitcoin (BTC):
Over the past weekend, the price of bitcoin dropped to the support level of $9,300. Then it rose to the resistance level of $9,700. Now, the price of bitcoin is $9,520. In the future, we predict a decrease in the price of bitcoin. The nearest resistance levels are $9,600, $9,700, $9,840, $9,950, $10,000, $10,250, $10,500. The nearest support levels are $9,400, $9,300, $9,200, $9,000, $8,600, $8,150, $7,900, $7,600, $7,500.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum fell slightly to the support level of $218. Then it rose to the resistance level of $245. Now, the price of ethereum is $236. In the future, we predict a decrease in the price of ethereum. The nearest resistance levels are $245, $250. The nearest support levels are $226, $224, $218, $216, $212, $209, $206, $200, $198.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple dropped to the support level of $0.1950. Then it rose to the resistance level of $0.2130. Now, the price of ripple is $0.2030. In the future, we expect a decrease in the price of ripple. The nearest resistance levels are $0.2060, $0.21, $0.2150, $0.22, $0.23, $0.2350. The nearest support levels are $0.2020, $0.2, $0.1950, $0.19, $0.1820.
