Drop in Bitcoin Whales is not a bad sign
To end its consolidation period, the price of Bitcoin rose to $ 11,731 on October 12, before falling to $ 11,377, at the time of writing. This decline may be a small adjustment to the market, but this has been the longest time the BTC has retained its position beyond the resistance of $ 11k for a while. The rising value of large digital assets has been linked to another unprecedented trend since 2019.
Bitcoin Whale Views
2020 has seen the number of BTC whales (individuals or entities holding a large amount of BTC), i.e. entities holding at least 1000 BTC, grow steadily. However, the trend was stopped in early September as the number of whales seen in the BTC market declined. This was the first decline since the end of 2019. The onset of the decline in the number of BTC whales has historically raised increased interest from trading investors. A similar trend appeared between 2012 and 2014-15.
However, the fall was slow, and apparently still in its early stage. As per the analysis, the duration of the fall address was followed by an increase in the price of BTC. The current trend may signal the start of another run but the BTC price will have to follow historical trends associated with the collapse of whale recognition in the market.
Growth In Network
At the moment, the foundations in the chain were showing a good show. Emotions in the market have greatly improved. However, stock trading has proven to be a decrease in revenue and a decrease in the number of stable currencies associated with the BTC supply. In addition to these metrics, network activity and network growth have proven momentum due to new businesses joining the network and an increase in the number of jobs in the chain.
Reports show strength in network and if the BTC price follows in previous trends, the market may be at a level of boring rise. Reason to buy Bitcoins now in order to benefit from potentially very interesting price gains in the long term. Buying Bitcoins is very easy via a Bitdenex account, which you can request here completely free of charge. Bitdenex provides an easy platform for customers to trade in crypto currencies. It offers you the opportunity to build your crypto currency portfolio at your own pace and without regular deposit obligations.