https://ift.tt/ivVAPr1 Of Small Bitcoin And Ethereum Holders Hit All-Time High Despite Waning Prices ⋆ ZyCrypto

Number Of Small Bitcoin And Ethereum Holders Hit All-Time High Despite Waning Prices ⋆ ZyCrypto

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Although the current situation in the crypto market is characterized by massive sell-offs and high regulatory uncertainty, there are still positive indicators of a potential trend reversal. Thus, the number of BTC addresses holding at least 0.01 coins has reached an all-time high. In particular, the number of such BTC addresses has reached the level of 9,483,004, exceeding the previous record reached at the end of January.

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A similar situation is also observed in regards to ETH holders. Thus, the number of addresses with a balance of at least 0.1 coins has hit an all-time high of 6,937,986, surpassing the record of the previous day.

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The data implies that the general adoption of both Bitcoin and Ethereum continues to expand, especially among minor holders. The growing number of users comprehend the benefits of cryptocurrencies and the additional advantages of using them in their daily transactions.

Bitcoin is still viewed as one of the most effective stores of value options, especially over the term of at least several years. The transition to BTC savings is observed in major countries, most especially in developing nations facing significant inflationary pressure. For instance, Argentines are actively adopting BTC as a store of value in the face of uncontrolled inflation and the depreciation of the peso.

Similarly, the growing tension in Ukraine also illustrates additional edges of minimizing financial risks by shifting to BTC. Moreover, some investors perceive the current market decline as additional opportunities for buying cryptocurrencies at the lowest level (local market bottom) to generate higher returns in the future.

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The demand for ETH and its growing adoption by minor holders is driven by the recognition of smart contracts’ benefits. Many innovative projects are also realized on Ethereum’s blockchain, contributing to the higher demand for ETH.

Although the transition to the Ethereum consensus layer is yet to be realized, Ethereum exhibits the highest reliability of its system as compared with Solana, Polkadot, and other similar competitors. The current correction also indicates a high likelihood of even more rapid growth of the major altcoin in the following months. The transition to the proof-of-stake mechanism should also contribute to the higher value of Ethereum’s system in the near future. Overall, these indicators indicate that both cryptocurrencies have a high potential for growth, and the role of small-scale BTC and ETH holders may increase further by the end of the year.

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