Wholecoiners of Bitcoin are up $40,000 since the June crash began. The steep decline in the price of the cryptocurrency in May and June seems to have occurred at the same time as the number of wallet addresses holding multiple Bitcoins increased.
During the cryptocurrency downturn (June crash), smaller Bitcoin (BTC) investors have discovered a special opportunity to purchase their preferred cryptocurrency. Since the June collapse alone, there have been 40,000 more “wholecoiners” than before.
Wholecoiners of Bitcoin has been continuously growing in number since January 31, when the price was approximately $38,000, claims LookIntoBitcoin.
However, the price of Bitcoin dropped by about 27% in May and by another 40% in June, the same month when 25,389 new wallets with at least one whole Bitcoin were created.
At the time of writing, the price of BTC is $23,035, down 64% from its all-time high of $64,400 in November 2021, and as of August 1, 2022, there are 891,346 wholecoiners. Lark Davis, a cryptocurrency trader, tweeted on Monday that “a lot of folks are meeting their full coin goal!”
The number of wallet addresses holding at least 1 #bitcoin has jumped by about 40,000 since the crash started!
A lot of people hitting their whole coin goal! pic.twitter.com/5Lh1hRLKIh
— Lark Davis (@TheCryptoLark) August 2, 2022
Interestingly, the data shows that within the same time period, the number of wallets holding more than 10 BTC, 100 BTC, and 1000 BTC has started to taper off or even fall.
Since May, wallet addresses that contain more than 10 BTC have increased by only 600, those that contain more than 100 BTC have decreased by 125, and those that contain more than 1,000 BTC have decreased by 113.
Since the middle of July, the price of bitcoin has been going upward, but experts disagree as to whether the cryptocurrency has reached its bottom or if there are still further declines to come.
The price of Bitcoin today
The bulls are currently defending the crucial USD 22,500 support area as Bitcoin price continued to decrease after closing below the USD 23,500 mark. The price may perhaps continue to decline if it breaks down to the downside and closes under USD 22,500. If the price drops below USD 22,000, it may test USD 21,200, which is the next significant support.
Near the USD 23,200 mark, there is immediate resistance to the upside. The next significant barrier might be USD 23,500, above which the price might begin a continuous ascent.
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