Bitcoin addresses have been swinging between accumulation and dumping over the past few months. But despite the market is less than a week into the new year, one crucial truth is that there has been a constant rise in 2023. Bitcoin addresses with balances greater than 10 BTC are the key cohort in this case.
Number Of Bitcoin Addresses Holding Over 10+ BTC Reaches Two-Year High
The number of bitcoin addresses with balances over 10 BTC has reached a fresh two-year high, according to Glassnode Alerts. The digital asset price had already experienced numerous dips and collapsed, and this investment cohort had previously shrunk.
However, at the end of 2022, this group recovered its confidence in bitcoin. The number of addresses containing 10+ BTC had significantly increased on December 30, with just one day remaining in the year, reaching a new two-year high of 155,283 addresses. However, a week later, it increased to a new two-year high of 155,286.
Source: Glassnode
Looking at the aforementioned data, it is clear how much it has increased over the past month. The number of investors who meet this condition has increased by roughly 4%, which is not the only criterion for experiencing growth in this area.
Addresses with balances greater than 1 BTC in this cohort also experienced significant growth in the new year. This time, after trending around 800,000 near the end of 2022, it reached a new record-high of 979,707 addresses.
Despite the difficulty of moving with such accumulation trends alone due to the magnitude of bitcoin, the fact that addresses holding 1+ and 10+ BTC registered such growth undoubtedly had a good effect on the virtual currency. Even if it didn’t change the price of the digital asset, cheering up investors during such gloomy periods had a favorable effect on the price.
According to Coinmarketcap, the price of bitcoin has increased by 1.39% over the past week and is back in the black. The digital asset’s losses over the past day have also decreased, coming in at just 0.56%. This indicates that BTC is still able to repel the bears and maintain support above $16,600.
BTC/USD 4-hour chart | Source: TradingView
As of the time of writing, BTC is trading for $16,949. The past day’s trading volume decreased 6.83% to $14.4 billion.
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