Tuesday, November 24, 2020
Home Ethereum - Top 10 Bitcoin (BTC) Supply Held for Over 1 Yr Hits Highest Level Since...

Bitcoin (BTC) Supply Held for Over 1 Yr Hits Highest Level Since 2010

Quick take:

  • Investors are increasingly holding Bitcoin as a store of value
  • Bitcoin supply held for over 1 year hits its highest level since 2010 at 63.5%
  • Bitcoin has now stayed above $10k for the longest time period at 64 days
  • BTC is facing a monthly close in the next 24 hours

The team at Coinmetrics has released their weekly State of the Network report in which they highlight that Bitcoin is increasingly being used as a store of value. This fact is demonstrated by the fact that 63.5% of Bitcoin’s supply has been held for over one year; the highest since 2010. The report went on to provide the following chart demonstrating the high percentage of Bitcoin’s supply that has been held for over a year.

Chart courtesy of Coinmetrics.io

Bitcoin has Traded Above $10k for a Record 64 Days

Furthermore, Bitcoin hit a new milestone in the form of the number of days BTC has traded above the psychological support of $10,000. For 64 days, Bitcoin has traded above $10,000 with the last record of 62 days witnessed between December 2017 and January 2018.

Bitcoin’s milestone was highlighted yesterday by Anthony Pompliano via the following tweet, and when the record was 63 consecutive days above $10k.

Bitcoin Faces a Monthly Close in the Next 24 hours

Bitcoin also has another pending milestone in the form of a monthly and quarterly close in the next 24 hours.

Bitcoin is very much on a path to close Q3 on a positive note despite the rocky market environment experienced in the first week of September. If Bitcoin closes at its current level of $10,675, BTC would close Q3 17.3% in profits.

However, it is also prudent to remember that a lot can happen in the crypto markets between now and September’s monthly close.  At the time of writing, several events related to the US Elections and the state of the global economy could rock Bitcoin’s fortunes in either direction.

For example, US House Democrats are musing on the possibility of a second stimulus bill that could guarantee US residents another round of $1,200 stimulus checks. If the bill is passed, both Bitcoin and the stock markets will react positively as was witnessed last time. Additionally, any negative news related to the Coronavirus will also affect how Bitcoin closes Q3 of 2020.

Popular Articles

Litecoin short-term Price Analysis: 24 November

Improving by 20% over the past week, Litecoin managed to climb back up to 7th in the digital asset rankings. The price is at...

Bitcoin Gets Front-Page Debut on the Wall Street Journal 

Earlier today, the Wall Street Journal gave Bitcoin a front-page story on its issue. The report covered the digital asset’s rise over the past month, highlighting...

My Crypto Heroes Announces Issuance of MCH Governance Token

Advertisement     Tokyo, Japan, 24th November, 2020, // ChainWire // My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to...

Generating crypto cash flow now a piece of cake

Many cryptocurrency owners around the world are determined to keep holding on to their digitalassets – hopeful that its value will rise in the...

Ethereum Spikes To 2.5 Year Highs As Altcoins Benefit From Bitcoin’s Recent Ascent

Bitcoin is back with a bang. The oldest cryptocurrency surpassed the $18,000 level last week for the first time since the December 2017 rally....

Why The Record $5,000 Bitcoin Monthly Close Could Soon Become The Norm

Bitcoin is the best performing mainstream financial asset of 2020 and of the last decade. No other asset since its inception has brought investors...