Following the surge of the previous week, Bitcoin has recently lost traction. The digital asset had gained more than 20%, and the entire market had followed suit, gaining massively across the board. Bitcoin Daily transaction volumes are up 94% according to on-chain data. For the first time in a decade, Bitcoin has closed in the green for nine days in a row.
As the cryptocurrency’s pace has slowed, the price has undergone a series of drops that have pushed the price lower. For the first time in almost a month, the asset had risen above $42,000. The rise appears to be coming to an end as a result of this slowing. However, on-chain data indicates that bitcoin is gaining traction in other domains.
According to on-chain data analysis, Bitcoin Daily transaction volumes have increased in the last week. From $4.7 billion per day to $9.1 billion per day, a 94 percent increase. demonstrating that, while the price has slowed, the volume has not.
Small Holders Accumulate Bitcoin Aggressively
Small-time Bitcoin holders are accumulating the digital commodity even more aggressively than whales, according to a survey by Glass node. These wallets, often known as “Shrimp and Crab” wallets, are those that have less than 10 BTC in their balance. Small-time holders now possess 13.8 percent of the entire bitcoin supply for the first time. Bitcoin Daily transaction volumes are up 94% according to on-chain data.
According to the trends, wallets have been accumulating coins since May, following the market meltdown that saw assets lose up to 50% of their value in a short period of time. As the market has dipped and plummeted over the months, wallets holding less than 10 BTC have steadily expanded their holdings.
Coin maturation and accumulation patterns both continue to point bullish, although these bullish signs can take a long time to emerge in the market. Small investors that amass a larger number of coins demonstrate a higher level of confidence in the market. As more investors opt to keep their coins rather than sell them, the market is becoming more liquid.
Price Changes So Far
Following the price drop at the start of the week, Bitcoin remains stuck in the $38,000 zone. The digital asset’s momentum is still low, and it appears that the rest of the market is seeking to distance itself from the pioneer cryptocurrency.
In the last 24 hours, the coin has lost over $1,000. The price of the coin has dropped 3.64 percent in the last day. According to CoinMarketCap, trading volumes have also decreased by 11%.
Bitcoin is now trading at $38,358, with a market capitalization of almost $720 billion at the time of writing.