Bitcoin Races To $9,400 – $113 Billion In BTC Are Locked By Holders Despite Market Volatility
The crypto market looks pretty mixed today, but the most important coin is trading in the green.
After a week of correction, which came naturally after a surge, BTC is currently priced at $9,381.70.
It’s been revealed by the online publication the Daily Hodl that there’s a total of 12.58 million Bitcoin that has not moved on one full year.
According to the latest data coming from BitInfoCharts, investors have been holding $113 billion worth of BTC despite the massive volatility in the past year.
The Daily Hodl reminds people that “In 2019, Bitcoin’s price swung from under $3,500 at the start of the year to nearly $14,000 in June, and then it dropped roughly 50% over the following five months. Bitcoin is currently trading at just over $9,000, according to CoinMarketCap.”
Crypto influencer says that he’s one of the long-term believers sitting on his BTC to create a huge support level for BTC’s price.
Here’s his tweet:
Wow, 12.6 million Bitcoin have not moved in over 1 year!
This is MIND-BLOWING given that these HODLers saw $BTC go from $3.5k to $13.8k and back down again, unshaken!
— The Moon (@TheMoonCarl) January 27, 2020
This triggered excitement among users.
He continued and said: “this creates a massive support level in the price for obvious reasons. The tough part is to know exactly where that level is.”
Someone commented: “There are 18M mined. If we assume 4M lost, then 8.5M out of 14M remaining coins haven’t moved for a year, or 60%. Let’s teach the owners of the other 40% to HODL HARDER.”
Another Twitter user said: “People who probably dont need the money and invested what they can actually afford to lose.”
Bitcoin should be worth much more
Kraken executive recently said that BTC should be worth somewhere between $1 million and $10 million.
Just the other day, it’s been reported that Kraken’s director of business development Dan Held wrote a thesis for BTC as a super commodity.
If everyone in the world understood Bitcoin, and the current macro environment, then the price would be $1M-$10M per Bitcoin.
— Dan Hedl (@danheld) January 27, 2020
The crypto exchange exec analyzes the notion that Bitcoin’s use of energy but we suggest that you head over to the official notes in order to learn more.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.