Cardano losing steam amid profit taking
The world’s flagship crypto asset has printed wealth at record levels not seen in recent years.
This is coming on the backdrop that investors are flocking into Bitcoin on the account credible institutional investors from Tesla Inc, BlackRock to Square move a portion of cash reserves into cryptocurrencies as digital assets become more mainstream.
At the time of writing this report, the world’s most popular crypto had minted 4 billionaires worth at least $3 billion each;
Mike Novogratz – $4.2 billion, Cameron Winklevoss – $3.3 billion,Tyler Winklevoss – $3.3 billion, Michael Saylor – $3.0 billion
Micheal Saylor leader of the world’s leading business intelligence company, MicroStrategy, shrugs off concern about Bitcoin’s high price swings and recently stated that critics are behind the curve. He said he’s also put his funds into the digital asset, amassing a personal holding worth more than $1 billion.
“People still aren’t sure: Are we crazy or are we not crazy?” Saylor said. “The only way to get economic security is to invest in scarce assets that are not going to be debased by the currency expansion. That is the environment that led us to decide we should consider Bitcoin as a treasury reserve asset.”
Still, this is not coming as a surprise to many crypto pundits on the account that many of these billionaires held their position for a long period as Bitcoin broke the $58,000 price levels recently triggering big-time investors to pile more funds into the world’s most attractive financial asset.
The flagship crypto has gained more than fourteen times its previous value sighted about a year ago when it traded around $3,800.
Global investors and crypto experts anticipate that Bitcoin’s trajectory remains optimistic. There is no doubt, 2021 continues to shape up as a very exciting year for Bitcoin.
The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard, and America’s oldest bank, BNY Mellon, showing support for Bitcoin. Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies, including Bitcoin.
PayPal and the world’s largest asset fund manager, BlackRock, have also made big moves to support crypto.
Consequently, Bitcoin buyers right now are extremely strong HODLers, meaning that Bitcoin seems to be in its first great consolidation of the 2021 bull market. However, crypto experts anticipate that Bitcoin is still in a bull cycle amid prevailing price correction in play.
However, it’s fair to note the number of addresses with a Bitcoin balance ≥ of 1,000 has plunged to the level it was on when the price was at $33 000. The possible reasons for this trend include:
- Splitting of larger addresses as required by some custody protocols
- Some addresses getting below the 1k threshold
- Whales selling
Taking into consideration, Bitcoin Number of Addresses Holding 10+ Coins just reached a 2-year low of 148,448 Previous 2-year low of 148,467 was observed on 11 March 2021.
Previous 2-year low of 148,467 was observed on 11 March 2021
— glassnode alerts (@glassnodealerts) March 13, 2021