BTC Price: $3,587
Last 7 Days: -12% 1month: +7.4% 12months: -74%
After last weeks comment on BTC around the $4,000 level, the last week of trading has seen very little to continue to push Bitcoin upwards, with a clear move to the downside and establishing new lows for 2019. From talking to various sources in the industry there is still expectation of a continued move lower for the largest cryptocurrency with several citing $1,500 level as a potential “bottom.”
Elsewhere, according to crypto analytics firm Flipside (recently backed by Coinbase), as of October 2018, a large number of long-inactive* Bitcoin holders have begun to transfer their coins, which has resulted in wallets active over the last month now holding around 60% of the coin’s circulating supply. This has meant that the overall supply of active Bitcoins has surged 40% since Summer 2018.
There are reported to be roughly 1,000 wallet addresses that own 85% of all Bitcoins and so these are the “whales” whose influence could potentially move the market price significantly. One thing is for certain, now that the holiday period is out of the way, it is sure to be a very busy period for Bitcoin and cryptocurrency generally.
*Long-inactive is classified as wallets that haven’t transferred their Bitcoin for between six and thirty months.
7th January: $5,667,897,072 (BTC price of $4,079)
14th January: $5,010,902,641 (BTC price of $3,587)
11% decrease in trading volume in the last 7 days