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- The Bitcoin holders with small holdings on the flagship network of cryptocurrency marked a recorded high.
- As per the blockchain data suggests, it is due to the sidelined investors who are now moving in.
The Bitcoin price correction looks like it offers the investors the right opportunity to accumulate more of the cryptocurrency. So, on September 16, 2022 the number of Bitcoin holders at least 0.01 BTC hitted a record high of 10,702,698. The following data is collected from the blockchain analytics platform, Glassnode.
Simultaneously, the number of new daily Bitcoin addresses created on the network further recorded a hike of 417,354 new addresses.
The Involvement of Sidelined Investors in Bitcoin
A crypto trading Analyst, Ali Martinez, shared a Tweet in which he stated about the involvement of sidelined investors in the market. On September 16, 2022 he said that, “This suggests a spike in interest from sidelined investors to scoop up BTC around the current price levels.”
Due to the latest Bitcoin addresses the value of assets plunged. However, it is currently trading at $19,868.51, with an increase of 0.44% in the past 24 hours.
But, the previous price drop made the investors take advantage of the low performance of the coin, and collect more Bitcoins. Hence, the coin is known to be relatively expensive and this price drop would act like a catalyst for acquiring the asset.
The current trend seems like the historical crypto community investment strategy of purchasing in the dip in the expectation of a future price rally. This leads the retail traders to get involved in the Fear Of Missing Out (FOMO.) Additionally, the FOMO scenario probably picked up, after Bitcoin marked minor gains topping the $22,000 level.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
