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Bitcoin Wallets Rising Quickly As Active Wallets for These Crypto Drop

A shift in the Bitcoin and altcoin whale activity shows that investors are moving money to the crypto safe haven amid the rising volatility.
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Bitcoin Wallets Rising Quickly As Active Wallets for These Crypto Drop

Highlights

  • Bitcoin's non-zero wallets continue to grow, but Dogecoin and Cardano wallets see a dip.
  • Bitcoin wallets holding $1,000 or more since the beginning of 2024 jump by 20% since start of 2024.
  • Bitcoin whale activity is on the decline reducing chances of any big move upside.

The world’s largest cryptocurrency Bitcoin (BTC) has come under strong price correction recently after the Bitcoin halving event last week. As of press time, Bitcoin is trading at $62,878 with a market cap of $1.238 trillion. On-chain indicators suggest that despite this price volatility, investors are flocking back to Bitcoin with new non-zero wallets rising rapidly.

Bitcoin Non-Zero Wallets on The Rise

The total number of non-empty Bitcoin wallets is observed to be rapidly growing despite the choppy price movements in the market. This indicates continued interest and engagement with Bitcoin, even amidst fluctuations in its value.

However, the wallets holding altcoins such as Dogecoin have shown a different trajectory, with their growth flattening after experiencing significant increases earlier in the year. Notably, the Cardano network stands out as one of the few to witness a drop in active wallets, suggesting a shift in user activity within the ecosystem. This development shows that investors are find a safe haven in Bitcoin instead of altcoins.

Courtesy: Santiment

A recent report unveiled by Fidelity Digital Assets on Monday revealed a notable uptick in the number of Bitcoin wallets holding $1,000 or more since the start of 2024. The data indicates a substantial 20% increase in this category.

The trend of accumulation among smaller addresses has been steadily growing, reaching a record high of 10.6 million on March 13. This figure marks a significant surge from the 5.3 million recorded in 2023, representing an impressive 101% rise over the past year.

In parallel, concerns have emerged among cryptocurrency traders as Bitcoin’s price dips to as low as $62.8K. This downward movement in price has led to a noticeable decrease in buy calls across social media platforms, while sell calls are on the rise at an increased rate.

The prevalence of such sentiment, characterized by fear, uncertainty, and doubt (FUD), often indicates a shift in market dynamics. However, it also signals potential opportunities for market recovery as traders assess their positions and strategies in response to evolving market conditions

Bitcoin Whale Activity Drops

While the number of small wallets holding Bitcoin has been on the rise, the Bitcoin whale activity has been on a decline. According to crypto analyst Ali Martinez, there has been a discernible decline in Bitcoin whale activity since March 14. Martinez suggests that a resurgence in whale transactions could potentially serve as the catalyst to propel Bitcoin prices upward.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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