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The leading cryptocurrency, Bitcoin, has struggled to maintain a foothold above $28,000 but it’s not yet too late for a recovery. There are developments that are giving long-term investors hope. If we knew when Bitcoin would reach an all-time high (ATH), this wouldn’t be as thrilling, hence why most investors are feeling apprehensive today.
Bitcoin (BTC)
According to Glassnode’s chart dated May 28, an intriguing trend has emerged among Bitcoin ‘shrimps’ – a class term for smaller, individual investors. These investors are showing unwavering determination in accumulating Bitcoin, regardless of price fluctuations. The chart indicates a significant increase in ‘shrimp’ assets of over 24,600 BTC. Surprisingly, only on 4.3% of trading days (224 out of 5,226 trading days) was there a larger increase in assets.
As of writing, ‘shrimps’ hold approximately 1.3 million BTC in supply, reaching an all-time high. Representing over 6% of the total Bitcoin supply, each ‘shrimp’ holds less than one BTC.
Will Bitcoin Rise?
Data from Santiment witnessed a noticeable uptick in the number of Bitcoin owners in April. Prior to this uptrend, the number of investors was around 45 million, and the trend kicked off with the addition of 1 million new wallets. As of writing, the ongoing increase has reached 47.8 million, indicating that bullish sentiment is starting to recuperate among individual investors.
Analyzing Bitcoin’s seven-day active address metric on Santiment reveals a recent dip in activity. Nevertheless, the number of active addresses is still climbing, with today’s active address count around 4.6 million. Considering there are roughly 8 billion people in the world, and assuming multiple wallets could belong to a single investor, this presents an optimistic picture. This detail is important in understanding Bitcoin’s potential.
In addition to this, the BTC price experienced a 4.28% rise at the trading close on May 28, soaring to roughly $28,071. It later endured an $800 loss from the $28,400 level, but is currently maintaining support at $27,600.
