Nearly 60% of All Bitcoin Have Not Moved in a Year, Over 733,000 Addresses Own 1 BTC or More
Since first coming on the exchange, Bitcoin has surged an astounding 79,209,900.00% while in 2019 itself, BTC is up by about 115 percent.
In 2018, we went through a brutal crypto winter and have just begun to see the first signs of the spring. Last year was also when Bitcoin bottomed, crashing 85 percent from its all-time high (ATH) in December 2017 at about $20,000 to $3,500.
This could be the reason why the majority of the Bitcoin hasn't moved during this period.
About 60 percent of all Bitcoins have not moved in a year with the HODL gang leading the Bitcoiners. This means 10.5 million Bitcoins are being held by bitcoiners for the last 12 months. Therefore, around 7 million Bitcoin has been circulating in the market.
As the above chart shows about 2.4 million has not circulated since January 2012 while almost 5 million BTC hasn't circulated in the past three years which could be the higher end of lost estimates.
This further points out that Bitcoin is far more valuable as its supply is less than even the fixed 21 million. These lost Bitcoins that could be due to lost private keys or dust bitcoin amounts makes the world's top cryptocurrency even more scarce.
Bitcoin Virus is Spreading
Bitcoin enthusiasts are rising each passing day which is no surprise but is further proved by the fact that 732,982 Bitcoin addresses now own more than just 1 Bitcoin.
The Bitcoin virus continues to spread.
732,982 Bitcoin addresses now own more than 1 BTC.
— Kevin Rooke (@kerooke) May 16, 2019
These numbers mean a lot more people are going to feel the effects of Bitcoin bull run this time as the virus keeps on spreading.
Bitcoin Rise Exceeding the Best Optimistic Models Despite Recent Blip
Bitcoin pricing bulls are coming out of their cryptic circles now, and the last $1000 drop in the value of Bitcoin has not shown any sign of derailing any of them, they said it—and it is happening even better than most predicted.
Outperforming $1 Million Stock to Flow Model
Bitcoin started 2019 on a tepid note along with other cryptocurrencies, but it did not remain that way for long. The leading cryptocurrency slowly shook off the blues of last year, and many were not convinced of its intent even until late March. Except for the bulls, however.
When consistent bulls such as John McAfee reiterate their predictions of $500,000 per a BTC coin at the year’s end, you just might find yourself doubting the reality of it all. However, while bulls such as McAfee and Mike Novogratz have been exceedingly bullish, there have been realistic terms set at the beginning of the year, and robust models built on previous data and patterns as well.
PlanB’s stock to flow model was one of them, riding on optimistic waves that are perhaps too strong for a pessimist or realist.
Despite the ‘excessive’ optimism, the current price of Bitcoin is presently showing off the model it backs, running off with a sudden flying start that even PlanB’s optimistic model did not envisage.
The stock to flow model created earlier in the year models the price of Bitcoin against scarcity, as the model is built on the concept that scarcity has a significant contribution to stock flow. A milder assumption given there are millions of bitcoins that are believed to be even lost forever.
Putting this into consideration, and taking also the significance of halved block rewards of the year, and we get a firm sense of just how Bitcoin can get so scarce later on in the future, especially once all of is mined.
PlanB’s model details a progressive timeline and evolution that sees the price of BTC finally eclipse $1 million per one coin, and postulates Bitcoin to be worth around $55,000 by 2020 (A lot lower than McAfee’s prediction by the way). Bitcoin’s recent rise is nevertheless outrunning PlanB’s model and the Bitcoin analyst could not help but share his observation.
Bitcoin currently leads PlanB’s S2F model with $1000, and if all goes according to plan, we might soon be fulfilling Max Keiser self-fulfilling prophecy of Bitcoin taking a fraction of the world’s gold market.
Bitcoin’s price is $27,652.12 BTC/USD exchange rate today. The real-time BTC market cap of $534.47 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $4.18 Billion and live coin value change of BTC 0.35 in the last 24 hours.