Bitcoin HODLERs remain unmoved despite the price growing over 100% in 2019, as BTC held in dormant addresses crosses over the 11-million mark.
The explosive growth in Bitcoin’s price relative to the dollar over the course of 2019, from $3,500 levels in January to a current price of $7,300 USD as at time of writing, represents a magnanimous 108% increase in less than 335 days. The soaring price, especially following the crypto winter of 2018 that capitulated over 90% of the crypto’s value from highs of $19,000 USD, should have caused intense selling pressure on BTC through the year but as data shows, HODLers remain solid on the future of the digital coin.
Over 11 Million BTC (62% of Circulating Volume) Remain Unmoved in a Year
One crypto enthusiast on Twitter pointed out that 11.6 million BTC tokens, roughly $85 billion USD using current rates, remained unmoved in the past year despite the hiking prices. A visit to the charts on Bitcoin Info Charts, reveals a growth over 5.3 million BTC across dormant addresses, the fastest growth yet in the course of a year.
11,580,00 bitcoin have not moved in over a year.
Even with a 85% increase in price during that time, those millions of bitcoin were not sold or traded.
Hodlers of last resort are insane. pic.twitter.com/KTpeDrLlOO
— Rhythm (@Rhythmtrader) December 1, 2019
According to data collected on Bitcoininfocharts, close to 11.6 million BTC remain unmoved in the past year as the number grew to all-time highs. In the past two years, the number of BTC coins held up in dormant addresses has exponentially grown from 7.72 million BTC to over 17 million BTC as at the time of writing, signaling an increasing interest in HODLing BTC.
The top dormant address (183hmJGRuTEi2YDCWy5iozY8rZtFwVgahM) has a total of 85,947 BTC locked, worth over $622 million USD. This represents 0.47% of the total supply of BTC.
Despite the spike in price by 108%, in the past year the number of coins moved remains insignificant showing the use of BTC as digital gold is on the rise.
While BTC is increasingly gaining rapport as digital gold, as a store of value, there remains concerns on the real use of BTC. In Satoshi’s paper, BTC is supposed to act as a peer to peer currency but it is yet to materialize given the scalability and regulation challenges.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.