Bitcoin millionaires is now an easily understood term. Due to the huge increase in price, bitcoin millionaires are now a well-known term. A lot of bitcoin millionaires were unable to maintain their status due to the falling price of this digital asset. These millionaires are growing as bitcoin recovers, but the data does not show that price increases alone.
The Game’s Name Is Accumulation
After the Russian invasion, bitcoin’s price had dropped significantly. A significant number of bitcoin millionaires had lost their status due to this. But since then, there have been more investors being added to the millionaires’ list.
Similar Reading: Bitcoin Futures Basis nears a one-year low, how will this affect BTC?| Bitcoin Futures Basis Nears One-Year Lows, How Will This Affect BTC?
Santiment noted in a recent report that bitcoin addresses have been steadily increasing since the connection between Russia and Ukraine was established. Whale addresses are also increasing in number. This group of addresses that had between 10 and 100k BTC remaining on balances, whether they were existing or new, was able to claim their millionaire status.
🦈🐳There are many ways to get involved. #BitcoinSince the beginning of the century, addresses have been rising. #RussianUkrainianWar began. There are now 1,629 addresses of sharks and whales holding 10 to 100k. These are either brand new, or they have returned to millionaire status. 📈https://t.co/08ytC3aMhW pic.twitter.com/9Ts70gdfHJ
— Santiment (@santimentfeed) April 27, 2022
This is the most obvious reason why bitcoin millionaires are growing. This dramatically increases the value held tokens. With the recent price drop in Bitcoin, it is clear that there has been an accumulation.
Santiment’s chart shows that the investors are accumulating Bitcoin at a rapid pace. The accumulation saw a dramatic increase towards the end March, but it has fallen since then. However, the whales have regained momentum in April.
These whales instead of waiting for BTC’s price to increase, they have been purchasing more coins. These actions follow the recent trend of daily active addresses picking upThe network. In this respect, the network transaction volume has also increased.
Bitcoin Turning Bullish
Bitcoin lost $40,000 in value earlier this week. The bears attempted to reduce the asset’s price but this had caused some controversy. BTC held above $36,000 as its support, providing a point of reference for the recent rebound.
Source : BTCUSD On TradingView.com| Source: BTCUSD on TradingView.com
Bitcoin trades above the 5-day average at present. This is a sign that digital assets are being bought at prices higher than they were days ago. Investor sentiment can change, but this is only temporary.
Similar Reading: Bitcoin drops to $38K after Amazon pulls back on accepting BTC payments| Bitcoin Drops To $38K After Amazon Retraction On Accepting BTC Payments
BTC must still hold the price above $39,000. This is a crucial spot. Failure to reach this price point will cause the digital asset to retest $35,000 within the next few days, before recovery signs are registered.
Altcoin Buzz Featured Image, Chart From TradingView.com