Bitcoin on the move: $3.6 million worth of Bitcoin moved from long-term Storage

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  • Bitcoin making new records
  • Lot of dormant coins out there
  • November was a big month for Bitcoin

So the value of Bitcoin is up again?

Having reached an all time high value of $19864.15, beating the previous value of $19306.35, it has gained an overall 170% this year alone. With traditional means of income becoming more insecure and unstable during the pandemic, a rise in value of cryptocurrency has been evident.

Lots of Bitcoin still lurking out there

More recently though, during the November rally of BTC, more than 1% of Bitcoins have come out of long term storage. A recent tweet from Unchained Capital outlines the amount of Bitcoin that has remained dormant for long term durations. According to their estimates, 61.43% of Bitcoin hasn’t been moved in a period of over 1 year and beyond. From the two graphs shown, the Bitcoin movement for periods of 2-3 years and 5-7 years has seen a notable change as well.

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What’s more though is that the Bitcoin stored for periods of around 1-3 months has in fact increased but at the same the storage of 1-7 day Bitcoins has taken a dip.

Analysis from glassnode also found out that 19.6 million bitcoin addresses were active during November which is the third highest value in the history of Bitcoin.

November was big, but it could get bigger moving forward

The month of November turned out to be huge for Bitcoin as it rose nearly an amazing 42% in value from $13,800 to $19,700. With the pandemic continuing and government reliefs and incomes still looking shaky for the majority of the population, one can only imagine the possibilities that Bitcoin and other cryptocurrencies hold.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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