Bitcoin Price Up 3% Today, Supply on Crypto Exchanges Hits Multi-Year Low
- The cryptocurrency market is morphing through global regulations amid increased speculation from institutional and retail investors.
- The number of Bitcoin holders has been rising exponentially, currently at 49,563,917, according to onchain data provided by Tokenview.
- Approximately 19,168,983 units of Bitcoins have been mined, with most held by long-term investors.
Bitcoin (BTC) price gained approximately 3.5 per cent on Tuesday to trade at around $20,115 at the time of publication. Bitcoin price has historically gained in value in October, hereby a popular slang dubbed ‘Uptober’. Should the crypto bullish sentiment continue in the coming weeks, then Bitcoin price could be headed to minimums of $30k.
While Bitcoin price continues to push higher, market intelligence platform Santiment has noted that the number of Btc in exchanges is at a multi-year low. Reportedly, less than 9 per cent of Bitcoin is held in exchanges, the lowest since 2018.
Bitcoin Price and the Crypto Market Outlook
The cryptocurrency market is morphing through global regulations amid increased speculation from institutional and retail investors. The number of Bitcoin holders has been rising exponentially, currently at 49,563,917, according to onchain data provided by Tokenview.
Notably, approximately 19,168,983 units of Bitcoins have been mined, with most held by long-term investors. For instance, MicroStrategy Inc. (NASDAQ: MSTR) holds approximately 130k Bitcoins after the recent purchase of 130 units.
Bitcoin price is expected to rally beyond its ATH in the next decade following increased global adoption. Moreover, it is estimated that approximately 300 million people worldwide have used digital assets.
While the number of traders has skyrocketed in the past few months, Bitcoin miners have not been making higher profit margins. According to a recent report by Glassnode, the cost of Bitcoin production is almost equal to the gains, while the asset trades for around $20k.
“Bitcoin has been trading very close to its estimated production price cost since the June sell-off. The Difficulty Regression Model is hovering at $18,300, and signals a potential threshold for acute income stress in the mining industry,” Glassnode report noted.
According to onchain data, Bitcoin’s latest mining difficulty stands at 31.36 (T) while the hashrate is around 258.74 (EH/s).
Meanwhile, the total cryptocurrency market capitalisation has reclaimed $1 trillion after rising approximately 2.5 per cent in the past 24 hours.
Notable altcoins that have made headlines recently include Algorand (ALGO), which has gained approximately 20 per cent in the past two weeks.
The Algorand network was named Monday as the preferred blockchain to support the Stablecorp and Shift Markets initiative to streamline cross-border transfers between the United States and Canada.
Dogecoin (DOGE), the second largest digital asset utilising the proof-of-work (PoW) after Bitcoin, has gained approximately 10 per cent in the last 24 hours.
Regulators worldwide are taking advantage of the bear market to point out bad actors in the cryptocurrency industry. The United States, through the Biden administration, has shown tremendous commitment to adopting the blockchain and crypto market. The European block is also looking into the blockchain and crypto market through the ECB. Russia is moving towards pro-crypto to help navigate the harsh sanctions imposed by the western countries.