Will BTC Reach a New ATH in 2023?

On today's CoinMarketCap episode,
we take a visual look at some key Bitcoin metrics as we start 2023. So Bitcoin's 2022 chart is a sea of red. If you bought Bitcoin in January,
you had a last opportunity To get out in April and May
before the Terra USD collapse crashed. The price for good. And the fallout
from that took Bitcoin to around $20,000, Where it traded for a few months
before the next leg down From the collapse
of decentralized exchange FTX. Bitcoin peaked three times
above the two year moving average In bull markets
and touch this upper bound again in 2021. But its price has now fallen
well below its two year moving average. A telltale sign for a bear market
experts in crypto Twitter are divided As to whether the bottom is in for Bitcoin
and the crypto market in general. In the past, bear markets Bitcoin hovered
around this range for 1 to 2 years. So could this be a sign for things
to come? Bitcoin address Count. Small and mega large addresses
are accumulating, so looking at bitcoin Holders through wallet addresses gives us
a glimpse of bitcoin on chain activity. The amount of bitcoin shrimp addresses. So those holding less than one
bitcoin has grown over 3.5 million, almost a 10% increase. Plankton holding
less than 001 bitcoin Crabs Holding 1 to 10 bitcoin
and Fish 10 to 100 Bitcoin. A follow a similar pattern. Despite the massive drawdown, Smaller holders are more eager than ever
to get into bitcoin. A different picture emerges
though for sharks, so 100 to 1000 Bitcoin And also Whales over 1000 bitcoin. The amount of those addresses
decreased by more than 5%, implying That bigger investors May not see Bitcoin as a good investment
in times of rising capital costs. And it's yet
another picture for mega whales.

So those holding over 10,000 bitcoin,
those addresses mostly belong to exchanges And also wealthy individuals like Michael
Saylor with a big Bitcoin exposure. The amount of mega whales went up to over
20%, which can actually point To the richest buying bitcoins off
of those slightly less rich. The percentage of old Bitcoin supply
in blue, those bitcoins That were last active more than six months
ago remained constant at 75 to 78%. And this can imply that the majority
of Bitcoin in holding or held for longer Than six months and could signify that
holders see it as a long term investment. Bitcoin miners hash
rates are gradually increasing, but miners Capitulation
a proxy for network activity and security. It was on a gradual uptrend
throughout 2022, more Than doubling the year, opening 140M TH/s. At its peak in November,
over over 300M TH/s. However, there was a net outflow of miners
Bitcoins, a sense Resulting in a slight dip in the hash rate
in the capitulation Of the at least competitive miners
in the market. In conclusion, the miner landscape
is undergoing a consolidation Period with an increase in the hash rate
forcing less competitive miners Out of business and well guys that’s
all we have for these insights today. Thank you so much for watching. We'll see in the next one.

Coinbase
OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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