Bittime -Bitcoin liquidations reached $97.06 million as markets went crazy as Ethereum surged 17%. With Bitcoin surging 7% in the last 24 hours, investors are increasingly convinced of the digital asset's potential as a store of value.
Ethereum Surge and Its Impact on Bitcoin
Bitcoin liquidations came in second as the market went crazy with Ethereum's 17% surge. Total Bitcoin liquidations reached $97.06 million, with $10.98 million of long positions liquidated and $86.08 million of short positions liquidated. Meanwhile, Bitcoin has jumped about 7%, currently at $71,078.15. Bitcoin's 24-hour trading volume increased 129%, reaching $51.85 billion with a market capitalization of $1.40 trillion.
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Increased Bitcoin Ownership
Bitcoin holdings continue to increase as more wallet owners add to their assets. According to Stocklytics.com, the number of Bitcoin addresses with balances exceeding $1 million has surged to a record high of 112,743. Edith Reads, financial analyst at the site, commented that this figure underscores growing confidence among investors and increasing adoption by institutions.
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Bitcoin As a Store of Value
The increase in the number of Bitcoin addresses holding more than $1 million shows Bitcoin's usefulness as a store of value. In 2023, the number of Bitcoin addresses holding more than $1 million jumped by 237%, reaching more than 81,717 by the end of the year. On April 17, 2024, that number rises to about 108,000. These figures demonstrate substantial progress in wider acceptance of digital assets.
Also read: Bitcoin Legality: Is Bitcoin Legal in Various Countries?
Satoshi Nakamoto and Bitcoin Ownership
Among these Bitcoin holders, Satoshi Nakamoto, the mysterious figure behind Bitcoin, remains the largest holder of deposits, totaling over 1.1 million BTC, worth approximately $73 billion as of May 2024. This significant wealth is distributed across approximately 22,000 addresses and largely untouched, except for a few test transactions. Despite its large share, Bitcoin operates in a decentralized manner, meaning no single entity, including its creator, can dictate its operations or underlying protocols.
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Ethereum's price spike and Bitcoin's massive liquidation show how dynamic the cryptocurrency market is. The increase in Bitcoin holdings by investors shows growing confidence in this digital asset as a store of value. With these latest developments, Bitcoin and Ethereum continue to attract interest from institutional and retail investors, signaling a bright future for the cryptocurrency market.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on 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.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Mining Bitcoin vs Validating Bitcoin Transactions
Buy Bitcoin vs Spot Bitcoin ETF, Which is More Profitable?
What is the History of Bitcoin?
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.
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