The growing demand for digital currencies globally has amazed finance experts; Chainalysis noted in its recent report that India has the highest crypto adoption worldwide.
In its recent report, MatrixPort noted that around 7.51 percent of the global population now uses digital currencies. Further, the number is expected to reach 8 percent by 2025, reflecting an eroding interest in enthusiasts towards the traditional currency.
Matrixport terms institutional involvement in cryptocurrencies as one of the primary reasons behind the surged adoption.
The report quotes, “As seen with the rise of personal computers, smartphones, social media platforms, and electric vehicles, surpassing the 8 percent mark often accelerates adoption, driven by network effects, increased viability, and reduced costs”.
Market observers argue that giants like BlackRock, Grayscale, Fidelity, VanEck, WisdomTree, and Valkyrie have also shaped a brighter future for the crypto market by offering their crypto products, which have lured millions of new users.
It is worth noting that Bitcoin is the most adopted among all cryptocurrencies, followed by Ethereum, Solana, and Cardano.
Institutions Holding Significant Bitcoin
After referring to data available on CoinGecko, it was noted that MicroStrategy Inc tops the list of publicly traded company holdings with the highest Bitcoins as it has 252,220 BTC, followed by Marathon Digital Inc. which holds 22,842 BTC, Galaxy Digital Holdings 15,449 and Tesla held 11,509 Bitcoins.
All 29 publicly traded companies collectively hold 360,083 Bitcoins valued at over $22 billion as of writing. MicroStrategy (MARA) is claimed to be the trendsetter among publicly traded companies.
Metaplanet, a leading technological giant in Japan, has been buying Bitcoin for the past few quarters.
On October 07, 2024, Todayq reported that the company had bought 108.78 BTC for an aggregate purchase of 1 billion Japanese Yen; following the recent buying now, the company holds 639.503 Bitcoins.
The purchase of BTC on October 7 is the second purchase of the ongoing month. On October 01, 2024, Metaplant posted a filing noting that it had bought 107.913 Bitcoins for an average purchase price of 9266724 Japanese yen per BTC.
Bitcoin Price Analysis
When writing, Bitcoin was trading at $62,789, growing 15.99 percent in the past 30 days, but since the past 78 hours, prices have stuck in the range between $62k to $64k. At the same time, it traded above 20, 50, 100, and 200 days EMA.
Price analyst claims that the steadiness in BTC indicates some move in the coming week if the bulls continue to dominate; there are expectations that its price might soon cross the resistance of $65k; in other cases, if bears gain control over bulls, price is expected to fell below the nearest support of $61k.
The overall performance of Bitcoin is primarily appreciated as its market dominance continues to grow, reaching above 58 percent, surging 12.47 percent year-to-date and 14.22 percent in 52 weeks.
In the past 30 days, Bitcoin’s highest price traded at $66,480.69; however, its lowest trading price was $53,653.76. There are 19,764,834 BTC in circulation, although its maximum supply is 21,000,000 BTC.
