bitcoin price has been steadily gaining momentum and rising again to a more bullish price position of $30,000. Despite the market declines, long-term holders of the cryptocurrency are increasing their investments in hopes of a significant bull run. Then the headline metric hits a new all-time high.
bitcoin Price Surges as Headline Metric Peaks
The price of bitcoin has been consolidating for some time now, surpassing the $27,000 threshold and currently trading at $27,047. Cryptocurrency is slowly moving towards $30,000 markdefying bearish expectations.
Reflexivity Research co-founder Will Clemente revealed an illustrated graphical report by Glassnode, a blockchain data and intelligence platform, on an X (formerly Twitter). mail Thursday.
The graph revealed metrics of bitcoin-news/long-term-bitcoin-holders-supply-remains-untouched/” rel=”nofollow noopener” target=”_blank”>Long-term bitcoin holders (LTH) and short-term holders (STH), as well as data on the supply of bitcoin holders, circulating supply, and adjusted supply.
The chart revealed that three out of four btc are currently owned by long-term crypto investors. Clemente stated that 76.09% of the total bitcoin supply is currently owned by long-term holders, indicating an all-time high in bitcoin adoption by LTHs.
“The percentage of bitcoin supply held by long-term holders just officially reached its highest level ever recorded: 76.09%,” Clemente said.
This revelation underscores the growing resilience of the world’s largest cryptocurrency and the strong confidence that crypto investors have in bitcoin as a store of value compared to other cryptocurrencies in the industry.
According to Glassnode data, bitcoin-news/bitcoin-short-term-holders-exchange-inflows-price/” rel=”nofollow noopener” target=”_blank”>short term bitcoin holders They are more likely to trade their cryptocurrencies for quick profits during high volatility markets. While long-term holders typically hold their crypto assets for periods longer than 155 days, using a bitcoin-metrics-show-long-term-holders-refusing-to-sell-will-bitcoin-spark-benefit/” rel=”nofollow noopener” target=”_blank”>buy and hold strategy and patiently waiting for a bull run to make significant profits.
bitcoin Growth Rate Defies Bearish Signals
He bitcoin/why-is-bitcoin-price-up-today-insights-leading-analysts/” rel=”nofollow noopener” target=”_blank”>recent positive trends in cryptocurrency can be attributed to several factors, including the possible approval of bitcoin-news/analysts-spot-bitcoin-etf/” rel=”nofollow noopener” target=”_blank”>bitcoin Spot ETF by the United States Securities and Exchange Commission (SEC), and the launch of bitcoin Spark, a hard fork of bitcoin. There has also been an increase in btc adoption in different regions of the world.
The cryptocurrency registered all-time highs in users adoption in brazil, accumulating more than 3 million cryptocurrency users in June. A March survey conducted by Vibe and Faster Payment Council has also suggested that bitcoin adoption may grow by up to 50% in 2025.
Although the price of bitcoin has been subject to bitcoin-news/bitcoin-could-decline-further-rebound-heres-why/” rel=”nofollow noopener” target=”_blank”>wild fluctuations and regulatory scrutiny over the years, its rise beyond the $27,000 mark is great news for investors looking to profit from the market.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/K48F6vbm/" alt="Tradingview.com bitcoin Price Chart (btc Metric)” width=”2884″ height=”1746″/>
btc bulls in control as bitcoin price reclaims $27,000 | Source: BTCUSD on Tradingview.com
Featured image from CryptoSlate, chart from Tradingview.com