Bitcoin Price Eyes Next Big Move Following Skyrocketing Retail Interest

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Bitcoin Price Eyes Next Big Move Following Skyrocketing Retail Interest
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Data from Glassnode shows new and intriguing statistics which expounds that the number of addresses with at least 0.1 BTC has gone up to hit 3 million within the past two years. Converted into USD, this denotes that the HODLers possess almost a thousand dollars.

Bitcoin Price Eyes Next Big Move Following Skyrocketing Retail Interest
Chart By Glassnode

The figures clearly demonstrate the boosted interest across small portion holders, who are most likely willing to take an investment ordeal either with a purpose of speculation or for a simple reason of trialing the investment in the most popular cryptocurrency up to date.

Educative opportunities about Bitcoin as well as the whole blockchain ecosystem are becoming increasingly popular, and the amount of early adopters is exponentially growing in number. A number of top universities are already registering on the courses on digital finance, while some of the prominent platforms intend to communicate the benefits of digital currency and its technology to the public mind.

While Bitcoin has proven itself as closely-correlated with the benchmark S&P 500 index, thus proving to be a poor tool for diversification, it nevertheless did not scare off the investors who are willing to hold their shares of investment until it gives even more substantial yield. These Bullish fundamentals have put Bitcoin in a decisive pattern as it gears up for another gigantic move.

However, on the negative side, the spike in interest about cryptocurrency and decentralization is able to bring many unintended players into the field, who are promoting money laundering and therefore, raise questions from the side of legal authorities.

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As Bitcoin (and other cryptocurrencies) are popularizing, an increasing number of firms start building business models around digital payments and the corresponding services. Some companies already launched debit cards that will allow them to receive cashback in cryptocurrencies on certain purchases, which therefore makes it perfectly convenient for small-size transactions.

A rise in the number of small-sized accounts also means that the risk of BTC price being manipulated is going down. Formerly, a number of large industry players collectively referred under the name ‘whales’ were suspected of intentionally impacting the price behavior.

For some, this was considered as the main reason behind the $20K Bitcoin price spike in late 2017; however, as the number of user cases goes up, the diversification occurs – this makes it less likely that one large player will be take altogether the blame for the price change.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.