The craze for Bitcoin is still growing even in the bear market when the price is not so high but it is also not bad when it is hovering around 27,000 U.S. dollars. This is a good update I believe where people believe in Bitcoin for the long term and this is the reason why they are holding it instead of selling and booking profit in a small price pump. As per the latest update as of now, more than 1 million individual wallets are holding Bitcoin and this quantity is more than one at least. It means Bitcoin holders are holding more than one Bitcoin and the count has gone beyond 1 million in total.
Not everyone can have the full Bitcoin or even more so we also cannot ignore there there are so many people holding Bitcoin infractions which could be half or even less but they also share the same sentiment which is going to be the long term. We have also seen in the last bull run how people are trying to hold it for the long term instead of selling and booking the profit. Such people are called strong hands and the other people hold even when the price crashes because they believe it for the long term and they do not want to do the panic sales.
Data from the on-chain analytics tool Glassnode show Bitcoin wallets holding more than one token crossed the millionth mark on Monday. This is a 20% bump since February last year.
I believe that investing in crypto for the long term it's something that can be much more profitable as we have seen in the past. Sometimes tracking the chart and checking the market price frequently also trigger the panic button and we feel like selling it but I believe that should not be the case if we have invested for the long term. There are thousands of altcoins available in the market but still Bitcoin is the leader because it has got limited supply and demand is growing. This balance between demand a supply plays an important role to determine the price so when we are going to see more people buying Bitcoin but there will be less liquidity and the price will start increasing.
I don't know what experts are saying about this and sometimes they also share that Bitcoin will be worth more than 100K or even more than that but to be honest it can be even much more valuable. I hope that more people come into the market and buy Bitcoin with a long-term mindset which is going to be a kind of value addition in the ecosystem because this way the price will grow. We see the price pump and dump sometimes in the market which is natural and we just cannot ignore it however we also need to understand that no market can be stable at any point.
This is a situation when we have so many old coins in the market but it's still people believe in Bitcoin which shows that things are going in the right direction. The next Bitcoin holding is scheduled to happen in a year and post that most likely we are going to see a bull market. It is really hard to predict the next Bitcoin all-time price but one thing is sure with the limited quantity, it is going to be a highly valuable digital asset available across the segments.
Thank you so much
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