Bitcoin is showing what might be a reminiscence of some bearish markets in the past. This is the view of CryptoQuant CEO, Ki Young Ju. Ju also stated via Twitter that Bitcoin has reached an accumulation height of seven years.
Bitcoin Sitting Dock
Ju said Bitcoin has 74% of the total realized capitalization at over 6 months. The figure was 77% at the bottom level in 2015. But it reduced to 70% when it bottomed out in 2019.
Ju called his followers to a challenge. He asked them to imagine buying Bitcoin for more than 6 months and doing nothing. He clarified his statement not to mean 74% of Bitcoin didn’t move in 6 months.
Ju stated that it’s not all about Bitcoin but total realized capitalization. He said Bitcoin older than 6 months makes up 74% of the whole realized capitalization. That means unmoved Bitcoin older than 6 months accounts for 74% of the market capitalization.
Other cryptocurrency analysts equally made comments on Twitter regarding the matter. Glassnode analysts said active Bitcoin in the last year rose to a 6-month high. Glassnode put the figure at just 2,311,039.946 Bitcoin.
The platform also says that the number of Bitcoin addresses holding over 0.1 has increased. The report said it reached an all-time high of 3,832,859 this week.
Aggressive Policy Effects
Bitcoin trades at $20,217 as of the time of this publication. The crypto market’s number one asset added 3.6% within the last 24 hours. It also added over 6.5% within the last week.
The general crypto market has been feeling the effect of central bank decisions. Started by the US Feds, interest rates have been going up in the past months. Other top central banks in North America and Europe followed suit.
The economic fallout from the aggressive policies saw stock markets falling and crypto markets too. But according to analysts, one of two things might happen soon for crypto to recover. Either it gets disconnected from stocks or central banks become less aggressive.
There have been increasing calls for central banks to rescind their hawkishness. The major argument in favor of that is to stave off a global recession. The UN recently expressed concerns about the effect this would have on developing economies.
Crypto analysts are, however, eager to see crypto untangled with the stock market. It is yet to be decided which way most central banks would turn next. The US Federal Reserve might have a big influence in that regard.
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