Aggregated Data Shows Bitcoin Market And Community Are Still Alive And Kicking
Bitcoin, the world’s first decentralized cryptocurrency is now about a decade old. In that period, the asset, even though it’s had its hard times, has experienced tremendous growth on average. It would be correct to say that there are only a few projects – virtual or physical – that have ever been as successful as Bitcoin has been, the world over. Its rise and achievements have not only given birth to a rich community that’s growing quite remarkably every day, but also created a few other projects that may not have come to life or even conceived at all if not for Bitcoin.
Bitcoin for a few years now, has kept a lot of financial institutions, especially banks, on their toes. The asset, as well as the entire cryptocurrency market, has brought unmatched solutions to the financial sector to the point that some of these traditional institutions have become a bit apprehensive about their core business models and are now doing everything they can to either evolve or make room for crypto.
The number one cryptocurrency is also a source of concern for a few governments including the United States and China where some government officials in both countries have publicly called for an outright ban of the cryptocurrency because it could undermine their national currency.
The success of Bitcoin was recently summed up in a tweet to Morgan Creek Digital’s Anthony Pompliano and Binance’s Changpeng Zhao. CZ opined that Satoshi Nakamoto, anonymous creator of Bitcoin, had to be the best founder in crypto because
“He wrote a 9-page doc, and some code. No team, no ICO, no tweets, no lambo, no trolls. $100b 10 years later.”
Recent Developments In The Bitcoin Market
Bears had quite a jolly ride in 2018 when the crypto winter began but probably didn’t realize how great an opportunity it was for the Bitcoin community to be more cohesive. The bear market is now over and ended with a bang along with a lot more interest from the traditional financial sector especially at the institutional level.
A crypto content curator, Nathaniel Whittemore (@nlw) took to Twitter to highlight a few reports on the sector and its undeniable growth.
A Coin Metrics report published a little more than a week ago has shown that there is increased distribution of the asset. The report says:
“Looking at bitcoin’s supply by address size shows a steady march upwards of the supply held in addresses with 1 to 10 BTC and 0.1 to 1 BTC, suggesting continued dispersion of BTC.”
A Diar report has also revealed that:
“The number of addresses holding between 1000 and 10K Bitcoins each has seen a steep rise with a whopping accumulation of 450,000 Bitcoins in less than 9-months.”
It should also be noted that most of the hodling happened last year, during the unpleasantness of the crypto winter.
Furthermore, BitMEX published a research that shoes that there is an undeniable growth with multi-signature technology which shows that many users are quite welcoming of the deployment of these technologies like the Schnorr signature.
Whittemore still explains that all the information in his thread doesn’t do enough justice to the sector as there is a lot more data that can be gotten from other data analysts and aggregators including Messari and Nomics. However, he does note that
“1. Crypto- with so much on-chain information – is one of the data richest technological and financial spaces in history.
2. It is full of incredible analysts and researchers who make the story of that data accessible to the rest of us.”
The Bitcoin market is generally a lot more mature than it used to be. Apart from the increase interest with individual and institutional investment, the market is not easily shaken by some of the things that used to affect it, such as bad press.