The metrics of Bitcoin ownership have soared higher in recent times and this is showing that the Bitcoin market might just be heading for a bull cycle that might last throughout the latter part of the year. This is according to a platform that deals in analyzing trends in blockchain called Glassnode. In recent times, research has shown that holders of Bitcoin for the long-term now own about 79.5% of all the tokens in circulation. This was the same rate it was at last October after which the Bitcoin market experienced a bullish cycle that was extended. Moreover, these long-term holders have as of now held the token on average for more than one hundred and fifty-five days.
According to reports, the current percentage of Bitcoin held by long-term holders is currently the highest amount in the coin’s history as it hit 12.97m BTC this week. Considering market trends, high records of coins in LTH possession would in turn result in a gradual end of the final stage of the bear market. After which initiation of a bull cycle which would include extended runs would occur. This projection is good news for investors in crypto and institutions that hold large amounts of it as the price is set to experience a continuous rise and increase. This bullish cycle is also expected to be extended which would cover the latter end of the year.
Presently, Bitcoin is at $48,018 which is an increase from its previous severe dip. There are even indications for its price to rise even higher as in the past seven days it has experienced an increase of about 4%. However, the price level is low compared to that of last year which initiated the bull cycle but experts are optimistic that it’ll do better in the coming days.
Bitcoin’s Adoption in El Salvador Spikes Its Price
Perhaps the best development to be experienced by Bitcoin this year is its adoption by the government of El Salvador. Just recently, the digital asset was accepted and adopted as a legal tender in the country. This decision has resulted in the El Salvadoran government buying huge amounts of the token. The country’s government purchased about 400 BTC worth roughly $21 million which is one the highest single purchases recorded by Bitcoin in recent days. This development has resulted in a supply squeeze in the token which in turn has increased the chance of the coin experiencing a bullish cycle in the market in the coming days.
Bitcoin And Its Future Globally
Globally the token is looking very prospective as the recent developments surrounding it have been positive. Its recent adoption in El Salvador has strengthened its position in the global financial market. There are projections that in the coming years, cryptocurrency would replace fiat currency and Bitcoin is being tipped for the pioneer platform globally. There is no doubt that Bitcoin is changing the face of the finance system globally.
James Thompson