Bitcoin bulls have been consistently bullish over the past few weeks to push Bitcoin price past $ 12,000 in a short period. Although Bitcoin has dropped a bit to $ 11,770, BTC’s on-chain fundamentals are hitting new all-time highs. Investors are optimistic than ever as they expect Bitcoin to continue its momentum.
Bitcoin addresses with more than 1,000 BTC reach an all-time high
According to Glassnode, investors are accumulating Bitcoin at a fast rate with the number of addresses that are currently more than 1,000 bitcoins and have reached a new historic high of 2,193. The previous all-time high of 2,191 was registered back in September 2019.
? #Bitcoin $BTC Number of Addresses Holding 1k+ coins just reached an ATH of 2,193
Previous ATH of 2,191 was observed on 27 September 2019
View metric:https://t.co/cjV0krRVgK pic.twitter.com/wgIhiTytsb
— glassnode alerts (@glassnodealerts) August 7, 2020
Another chart published by the analytics provider is that the percent of BTC supply that has not been moved over the past three years has reached a new high in 2 years, hitting almost thirty percent now.
? #Bitcoin $BTC Percent Supply Last Active 3+ Years just reached a 2-year high of 29.944%
Previous 2-year high of 29.943% was observed earlier today
View metric:https://t.co/ari6mxFMpi pic.twitter.com/TDKNpYa8iZ
— glassnode alerts (@glassnodealerts) August 7, 2020
Bitcoin appears to have gained stability following the flash crash last weekend. During that pullback, BTC plummeted from around $ 12,000 to as low as $ 10,600 in minutes. Hence, this resulted in the liquidation of more than $ 1 billion in long-term contracts.
At press time, Bitcoin bounced back and was valued at $ 11,774, and BTC faced stiff resistance at the $ 12,000 zone.
BTC’s flourishing metrics, like the new high set by wallets holding over 1,000 coins, indicate that the asset’s uptrend could continue. In a separate tweet today, Glassnode observed that the percentage of BTC supply that has been dormant for over three years has also reached a new two-year high of approximately 30%. With the OG crypto flashing such strong fundamentals, investors can hoi help but long the asset.
Wall Street is going crazy
In times of uncertainty, like we are facing, investors tend to seek safe havens like gold and silver. As expected, these precious metals have declined in recent weeks, outperforming the stock markets so far.
However, the founder and CEO of Global Macro Investor, Raoul Pal, recently suggested that bitcoin is an even better safeguard against the ongoing significant money printing.
Pal said:
My conviction levels in bitcoin rise every day. Im already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that’s a story for another day (I’m still thinking through this).
— Raoul Pal (@RaoulGMI) August 6, 2020
The Wall Street veteran further stated that he is now “irresponsibly long” on the crypto, and he does do think investing in any other asset for the long haul would be a good idea.
Read more:
- Nigeria Outperformed The Rest Of The World By The Level Of Interest In Bitcoin Over Recent Months
- Bitcoin Price Has Gained Steam Over Recent Weeks And Still Has Room To Move Higher Due To The Dollar’s Decline