The number of BTC retail holders are increasing, spurring bullish sentiment that may prompt the market to recover from overnight dips experienced by Bitcoin.
After dropping to a low of $55,071.11 in the past 24 hours, the coin is now trading at $58,174, up nearly 5% in the last 24 hours.
The brewing bullish sentiments in the market might be a result of a growing retail presence. On-chain cryptocurrency data analytics provider, Glassnode revealed that the number of addresses holding at least 0.1 Bitcoins just reached an All-Time High (ATH) of 3,223,643. This indicates that the incessant sell-offs of Bitcoin by the market bears after attaining a price ATH above $60,000 has done little to deter the number of both new and old retail investors taking a position with the cryptocurrency.
Bitcoin’s Price Growth
The inflow of institutional investors money Bitcoin has done a lot to stabilize the cryptocurrency and helping in averting the overdrawn sell-off that characterizes every bull run in the cryptocurrencies decade-long history. However, the upward growth trend of BTC has been wobbly, as short-term sellers are continually dragging down the price – especially when the digital currency receives a surge due to trending positive sentiment.
Taking profit coupled with the actions of the bears help the general cryptocurrency market consolidate and stay healthy. Nonetheless, the anticipation of BTC reaching new heights will only be made possible when both the retail and institutional investors ignite and sustain the price growth, irrespective of any bearish influences.
Image source: Shutterstock
Credit: Source link
