Bitcoin (BTC), the crypto industry’s premier digital currency is maintaining a major consolidation trend today after recording a 0.96% growth to $26,534.97. Sustaining this growth in the near term is now hinged on whether or not the latest on-chain fundamentals being exhibited can be capitalized on by both market bulls featuring both new and old entrants into the ecosystem.
The Bitcoin (BTC) Records
According to insights shared by top market analyst, @Ali_Charts, the number of addresses making their way into the Bitcoin network has hit a new All-Time High (ATH). This data was further corroborated by the crypto analytics platform, Glassnode which noted that the actual addresses holding at least 0.1 coins have hit 4,486,752.
📈 #Bitcoin $BTC Number of Addresses Holding 0.1+ Coins just reached an ATH of 4,486,752
View metric:https://t.co/hZY8dBLpzX pic.twitter.com/NBAd8ARneX
— glassnode alerts (@glassnodealerts) September 16, 2023
This figure is highly significant as it further underscores the attractiveness of digital currency in a world where there are numerous cheaper alternative coins and investment assets. The trends set by BlackRock when it joined the application for a spot Bitcoin Exchange Traded Fund (ETF) race have further lent optimism to that has notably fueled the embrace of the coin by the general public.
Besides this milestone, Analyst Will Clemente of Reflexivity Research has also pointed out that Bitcoin has just surpassed American payments giant Visa Inc in terms of total daily transaction volume. This milestone is evident that people are actually using Bitcoin as a layer for transferring monetary value across the board.
Per the actual figures shared, only Automated Clearing House (ACH) and the Fedwire payments systems are left for the coin to surge past.
Probable Price Impact
The price of Bitcoin has been consolidating in no small amount in the past few weeks, a vicious cycle many analysts believe is poised to be broken anytime from now. Notably, Bitcoin has pared off its losses in the past week, inking a 2.47% growth in that time frame but has largely faced the $28,000 price level as its year-long resistance level.
With these latest milestones and the hype that may trail its forthcoming halving, Bitcoin may record a more ambitious growth run in the short term to surpass its monthly high above $27,430.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: