Growing Interest in Bitcoin Failed to Hold Up BTC Price

March 13, 2020 8:49 PM UTC

The US President’s recent limitation to travel from Europe have encouraged bears across the world, in every market. After the announcement, Bitcoin price dropped below $4000. Following Bitcoin’s steps, many altcoins also hit rock bottom as Eth lost 43.06%, BCH loss 42.85%, and XRP reached $0.13.

The famous crypto speculator, Peter Brandt,  Tweeted that BTC could soon reach $1000. That’s approximately 80% lower compared to the current Bitcoin price ($5000).

Increasing Number of Holders

The rapid spread of the COVID-19 has damaged the worldwide tourism industry since the first case was reported in Wuhan China. 

The epidemic has not spared the blockchain community. Globally, several blockchain conferences are suspended or canceled. Two major Crypto events, Bitcoin 2020 and DC Blockchain Summit 2020, are postponed in the US. Italy’s event EDCON and South Korea’s event Nitron Summit 2020 are also canceled. On 13 March, CME Group in the US announced it would close its trading floor, while online trading remains active. 

According to Glassnode’s analysis, the recent bearish sentiment in traditional markets has increased the number of bitcoin holders. The number of accounts holding at least $10 or more worth of BTC has reached an all-time peak level. The number of accounts carrying more than 10 bitcoins has also increased steadily. However, Glassnode’s reports also indicated that wallets with zero BTC, essentially wallets that have been created by people but not yet used, have almost hit a peak level of 30 million. 

Despite growing interest in Bitcoin, the bearish phase of the global market has impacted the Crypto sector, as proven by record price drops on March 12, which managed to draw a 50% drop in Bitcoin’s price in a matter of hours. 

 

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