The number of people talking about Bitcoin and cryptocurrencies as a whole has spiked in recent times. Everybody and their grandma seems to have an interest in digital assets, and I'm pretty sure they're asking you a lot of questions.

The interest in cryptocurrencies is at a fever pitch these days, with various politicians and celebrities coming into the mix. I may not always like their participation but it is always nice to see people in power promote crypto.

The governor of Colorado recently discussed the possibility of allowing people pay their tax in crypto. He recently said at Consensus 2021 that:

“I’d be thrilled to be the first state to let you pay your taxes in a variety of cryptos,”

After surviving the unexpected bear market, the tides have switched back to a bullish persuasion. Actually, many analysts didn't even think the bull run was over in the first place and considered the events to be a minor blip in the road.

As we get older in this field, we will learn from events and develop immunity. The closest problem will be to outgrow the whims of billionaires because no market is sustainable if billions of dollars move around simply because of tweets.

Despite all the negative attention, it was found that the number of Crypto holders has increased. It turns out the market is catching on fast and people want to win.

Data derived from Glassnode showed that the number of Bitcoin holders has increased by 16,455. This took the total number of hodlers to 545,115, thus achieving an ATH in the number of hodlers.

Records also show that the amount of Bitcoin in wallets has jumped by 30k, thus hitting a two-month high of 2.79 Bitcoin. According to data from glassnode, an accumulation address is defined as one that receives a considerable amount of Bitcoin and never spends it.

Very bullish situation

As the market bounces back from the wicked correction, we will see even more accumulation over the coming months. History has proved that healthy correction of foreruns a proportionate bounce in the upward direction.

History has also shown that in a bull market, there's a lot more accumulation than usual. So it is possible that this recent ATH in hodlers won't even be the peak of activities.

Judging by the trading volume of Bitcoin and Ethereum, it is fair to say that something big is brewing in the backburner. Interestingly, data derived from Coingecko showed that Bitcoin's estimated $50.1 billion 24 hours trading volume is dwarfed by Ethereum's $59.2 billion, which points to the fact that Alts, who were more hard done by the correction are in the period of recovery.

Posted Using LeoFinance Beta