Are More Hodlers Accumulating Bitcoin?

Data analysis shows that there is a steady increase in the number of people holding more than One bitcoin. This has analysts concluding that there are more retail traders that have great confidence in the prospect of the digital currency.

The report released this January stated that as the second week on the month, there were 784,000 wallet addresses that hold more than a bitcoin. This is an increase of 11 percent from the number of addresses that had as much BTC by this time last year when a total of 707,000 wallets had up to one bitcoin.

The report stated that retail traders have been accumulating their bitcoin holdings resulting in the increase. Bigger players such as exchanges are known to have increased their hoard of the coin. The biggest holders according to the cryptocurrency analysis firm Bitinfochart are exchanges such as Binance, Huobi and Bitfinex with Huobi’s ownership of 255,502 topping the hodlers chart.

The rising number of addresses accumulating greater amounts of BTC is a sign that adoption as a store of value is increasing,”

This was according to a post by Connor Abendschein of Digital Assets Data. 

Smaller holders ranging from 0.1 btc to 1 btc have also increased in number by 10 percent within the period under review. The inference is that the increase in the volume of bitcoins held by users is an indication of trust and transfer of wealth through cryptocurrency.

This report pointed out that the increase in does not translate to more adoption of Bitcoin since one hodler could split their coins in many wallets.

 

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Author: Chris Mharc

Hello, I am Christ Marc, a young crypto enthusiast who has been in the market for a few years, I heard from bitcoin via a few friends and since then I became deeply interesred in this technology, now I am pursuing my studies with the incentive to master tomorrow's technology.

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