Bitcoin

Bitcoin Sets New Record In Early 2023

Key Points:

Glassnode data shows that the number of addresses holding more than 0.1 Bitcoin reached 11,426,629.
This metric shows that retail investors are still continuously collecting BTC while BTC trading volume and its value recently plummeted.
2022 is the first year in history to see a massive sell-off in the crypto market. Bitcoin has recorded 4 consecutive red quarter candles for the first time in history.

Bitcoin has experienced a turbulent 2022 with major market fluctuations. However, on the first day of 2023, the largest coin by market capitalization recorded positive numbers.

On January 1, Glassnode data shows that the number of addresses holding more than 0.1 Bitcoin reached 11,426,629, a record high.

This metric shows that retail investors are still continuously collecting BTC. While BTC trading volume and its value have recently dropped dramatically, this is due to the “purification” of the market following the Terra and FTX crises.

Billionaire venture capital investor Tim Draper, who scored huge gains from his early investments in Tesla, Skype and Hotmail, posted his first tweet of 2023 on his Twitter that BTC will remain his choice.

However, looking at the current price action over the past year, BTC has not shown any upside. 2022 is the first year in history to see a massive sell-off in the crypto market. Bitcoin, of course, is not immune to this dire situation, it has recorded 4 consecutive red quarter candles for the first time in history.

However, not everyone is optimistic about Bitcoin. Lightspark’s creator and CEO, David Marcus, said that until at least 2024, Bitcoin and other cryptocurrencies would not be able to recover from the effects of “unscrupulous players” conduct.

Marcus anticipated their specter would continue to stalk the cryptocurrency sector until 2023. Only once did he name FTX, but even after that, he warned that “unscrupulous players” would continue to cause market underperformance well into the following year.

At the time of writing, BTC is trading at $16,557.

BTC daily chart. Source: Coincu

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.