As Bitcoin (BTC), the world’s leading digital currency by market value, hit a new all-time high by exceeding $ 64,000 in value, institutional and retail demand has also increased significantly in recent times. A new cryptocurrency report shows that the number of people and institutions holding the flagship cryptocurrency in their accounts for the long term has risen sharply in the past few days.
Glassnode, the blockchain analytics company, has released new data showing that the number of financial institutions and individuals holding significant amounts of Bitcoin (BTC) on their accounts over the long term has increased significantly recently.
A Twitter user documenting Bitcoin posted Glassnode’s diagram in a recent tweet. The graph shows a significant increase in the number of financial institutions and individuals holding BTC for the long term.
– Documentation of Bitcoin 📄 (@DocumentingBTC) April 16, 2021
The reason for this tremendous growth in this fundamental is the fact that the world’s largest cryptocurrency in terms of market capitalization has kept making new all-time highs over the past few weeks. Most recently, the dominant cryptocurrency almost hit the USD 65,000 mark on April 14th. This marked the first time in her entire history that she had reached this mark.
The first digital currency reached this milestone the day the world’s leading cryptocurrency exchange, Coinbase, went public on the Nasdaq, which could be a key factor in the major cryptocurrency’s price rebound.
Bitcoin has moved slightly from its all-time high, however, and at the time of writing, BTC is valued at around $ 61,000 with a slightly negative rate of change of around 2.16 percent over the past 24 hours.