Bittime - Ethereum broke a record when Bitcoin users left the network due to the bearish trend that occurred.
Meanwhile, on-chain data shows that Bitcoin investors have recently made a mass exodus.
How to understand the phenomenon of Ethereum breaking this record? Meanwhile, Bitcoin has actually fallen.
Big Drop in Bitcoin Holders
According to data from on-chain analytics firm Santiment, the Total Number of Holders indicator just experienced its biggest 3-day drop for Bitcoin since March.
This “Total Number of Holders” indicator tracks the number of wallets on a particular crypto network that have a balance greater than zero.
Also Read: Bitcoin Whales Increasing but Useless?
If the value of this indicator rises, it means that new investors are joining or old investors are returning. Improvements also occur when existing users create new addresses for privacy.
In general, an increase in the number of holders indicates increased adoption of the asset, which could push the price up in the long term.
Check Today's Crypto Market:
Conversely, if this indicator decreases, it means that more users are emptying their wallets.
This trend shows that some holders are deciding to exit the cryptocurrency.
Here is a graph showing the trend in the Total Number of Holders for the top two coins, Bitcoin and Ethereum, over the last six months:
Ethereum Breaks Records vs Falling Bitcoin
Source: https://bitcoinist.com/
As the graph above shows, the total number of Bitcoin holders has recently decreased, meaning there has been some selling.
The decline over the past 3 days is the largest since Bitcoin prices peaked in March.
Also Read: Notcoin (NOT) Price Falls 14%, NOT Now Has 11.5 Million Holders
This decline occurred because investors took profits while prices were still rising. However, this time, the price of crypto actually fell, so many Bitcoin holders sold because they were worried that the price would fall further.
Check Crypto Prices Today:
Ethereum Investors Attitude
Even though the number of Bitcoin holders is decreasing, the indicator still shows improvement for Ethereum, which continues to hit new record highs.
So, Ethereum investors have not yet appeared to panic and sell their assets.
Historically, asset prices tend to reverse direction when investors feel afraid, considering that many Bitcoin investors are currently worried, it is possible that Bitcoin prices are approaching their lowest point.
Ethereum's continued use at the same level as before may not be entirely negative, but it does show that users still believe in the value of the asset and are not worried about the price dropping.
How to Buy ETHEREUM (ETH) on Bittime
You can buy and sell ETHEREUM (ETH) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
COIN ETHEREUM (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Read Ethereum (ETH) Buying Guide Here
Monitor the movement of Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL) and other crypto charts to find out today's crypto market trends in real-time on Bittime.
Also Read:
Better Trading Experience Thanks to Huobi BTC (HBTC)
How to Get Bitcoin in Hamster Kombat, Here's the Secret
ETH IDR : Ethereum ETF Prospects, SEC Postpones Grayscale Ethereum Spot ETF Decision
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.