Bitcoin is showing a pattern in its Total Amount of Holders that historically has been bullish for the cryptocurrency.
Recently, there's been a decrease in Bitcoin's Total Amount of Holders, indicating that some investors are selling off their holdings amid the recent market downturn. This metric tracks the number of addresses holding Bitcoin balances.
In contrast, Ethereum, Cardano, and XRP have seen an increase in the number of holders, suggesting growing adoption for these altcoins.
Historically, Bitcoin tends to move against popular sentiment. Fear, Uncertainty, and Doubt (FUD) often precede upward reversals in Bitcoin's price.
Looking at the recent data, Bitcoin's holder count decreased similarly in January and February before rallying to new all-time highs.
Current Bitcoin price: around $57,400, down more than 7% over the last week.
Stay tuned for more crypto insights! 👍
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