Friday 19 August 2022
Home / Altcoin Watch / Despite ‘worst bear market ever,’ Bitcoin has become more resilient, Glassnode analyst says

Despite ‘worst bear market ever,’ Bitcoin has become more resilient, Glassnode analyst says

While the current bear market may be the worst on record, on-chain metrics signal that the Bitcoin (BTC) network is becoming increasingly resilient, said Glassnode analyst James Check during a recent interview with Cointelegraph.

In particular, Check refers to the amount of Bitcoin holders who don’t sell even in extreme market conditions, which has become much higher than in previous bear markets.

“Cycle after cycle, that floor of hodlers is higher, the amount of activity is higher,” Check said.

Check also points out that shrimps, the entities who hold less than one Bitcoin, are accumulating at a record pace, surpassing the levels of the 2017 bull market’s peak.

“The shrimp are essentially seeing this is a an immense period of value,” he explained.

Check out the full interview on our YouTube channel and don’t forget to subscribe!

About Sean Patterson

Check Also

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths. As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify. Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get re..

Leave a Reply

Your email address will not be published. Required fields are marked *