Bitcoin has experienced a significant price increase of 70% since the beginning of the year, and this growth trend shows no signs of slowing down. According to data from the cryptocurrency tracking platform LookIntoBitcoin, the number of crypto wallets holding at least one Bitcoin has reached a new all-time high, nearing one million holders. This development is a positive indicator of the growing popularity and widespread adoption of Bitcoin.
The total number of Bitcoin holders has been rising at the fastest rate since early 2021, when the price of BTC surpassed $64,000 for the first time. Santiment, a crypto analytics platform, shared a chart showing that the total number of addresses holding any amount of Bitcoin has reached 46.16 million in the past several days. Despite the current price being over 55% lower than at that time, the rising trend suggests that more people are investing in Bitcoin for the long term.
The rising rate of people ‘hodling’ Bitcoin in their wallets could be due to crypto traders becoming increasingly content in keeping their bags unmoved for the long term. Bitcoin has become a popular investment option and a hedge against inflation, and its growing popularity as a store of value may be driving the trend of investors holding onto their assets for the long term.
Despite the volatility and fluctuations, the overall trend for Bitcoin remains positive. At press time, Bitcoin was trading at $28,319, recording an increase of 1.44% over the previous 24 hours and a 0.29% gain during the last week. On the coin’s monthly chart, the cumulative growth is 40.23%, and year-to-date growth is at an impressive 70%.
Bitcoin adoption may receive a boost from Robert F. Kennedy Jr.’s Democrat presidential bid. Kennedy has warned about the possible dangers of central bank digital currencies (CBDCs), and Bitcoin has outperformed the top five major indexes in the first quarter of 2023. This news suggests that Bitcoin is becoming increasingly recognized as a viable investment option and may continue to attract new investors in the future.
The rise in popularity and widespread adoption of Bitcoin has also attracted the attention of forex traders. As Bitcoin’s price continues to surge, forex traders are increasingly diversifying their portfolios by adding cryptocurrencies to their investment mix. Some forex brokers have started offering cryptocurrency trading services, allowing their clients to buy and sell Bitcoin and other cryptocurrencies alongside traditional currency pairs. The increasing integration of Bitcoin into the forex market indicates that the cryptocurrency is becoming a mainstream investment option, with potential for significant returns in the long run. However, traders should be aware of the high volatility associated with cryptocurrencies and carefully manage their risk.