Santiment allows the possibility of a rebound in the BTC exchange rate amid a decline in the number of non-zero addresses
Over the past ten days, the figure has decreased by 311 000
21.03.2024 - 10:55
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What’s new? Over the past 10 days, the number of addresses with a non-zero balance in the Bitcoin network decreased by 311 000. As the experts of the analytics company Santiment write, the decrease in the number of active market participants may seem problematic to novice traders. However, historically such statistics reflect moments of panic and capitulation of small holders, followed by a rebound in the exchange rate.
What else is known? To prove their point, Santiment cited two situations that unfolded in such a scenario last year and this year. Thus, from September 23 to October 23, the number of bitcoin wallets with a non-zero balance decreased by 1,1 million, while the asset’s exchange rate added 28%. From January 21 to February 13, another 757 000 addresses on the network liquidated their savings, after which the value of bitcoin rose by 24%.
From March 10 to March 20, there were 311 000 fewer non-zero wallets, and the asset rate lost 3% during this period. According to analysts, the first cryptocurrency has every chance to make a rebound even before the decline in the number of non-zero wallets stops. The company attributes the outflow to the conviction of traders that the asset has already reached a local top.
On March 14, bitcoin hit its historical record above $73 600, but by the time of writing it had adjusted by 9% and was trading at $66 925 on Binance. At the same time, the growth since the beginning of the year amounted to 58%.
Earlier, Santiment noted that the crypto market showed a rebound after the US Federal Reserve announced its intention to keep the rate at the same level.
According to Galaxy Digital’s senior executive Jason Urban, the BTC rate may reach $150 000 after the recent pullback, but this requires a “healthy price discovery and healthy market action.”
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