Bitcoin’s trend has been repeated recently, ranging from $9,000 to $9,500, but investors’ confidence in it seems to have not diminished. In particular, the number of large households holding at least 1,000 bitcoins (with a market value of about 74.1 million yuan) has increased to 1,840 since halving the third production on May 12, which is close to the level of the booming market in 2017.
According to the data of the blockchain analysis platform Glassnode, as of yesterday, the number of large households increased by nearly 2% compared with May 1, and once rose to 1,844. This steady growth reflects that investors are still optimistic about the long-term prospects of Bitcoin, so they continue to increase their holdings in the market. As the central bank of the world introduced more quantitative easing measures to save the economy, investors have hoped to anchor their funds in the cryptocurrency market. Many analysts expect Bitcoin prices to rise significantly in the next 12 months.
For the method of measuring the number of large households, traditionally, the address of the electronic wallet is used as a reference, but investors can hold multiple electronic wallets at the same time, and distribute cryptocurrencies such as Bitcoin to different wallets. Glassnode is based on the wallet address controlled by the same network entity and uses its algorithm to estimate the number of large households, which is more accurate than traditional methods.
Although Bitcoin’s third output halved, it failed to stand above the $10,000 level, but some analysts believe that it will challenge the $12,000 target in the medium term. According to “CoinDesk”, Matthew Dibb, the co-founder of cryptocurrency index provider Stack, said that Bitcoin is currently being traded as a risk asset and will continue to fluctuate due to the release of US economic data in the near future, but I believe there is a chance to return to 1 Tens of thousands of dollars.