Bitcoin ‘Shrimp’ Catch Soars To All-Time High Of 1.31 Million Coins – Details
19 Mai 2023 - 9:30AM
NEWSBTC
Bitcoin (BTC) shrimp investors, affectionately dubbed the
“underdogs” of the cryptocurrency world, are making waves in the
market as they steadily accumulate the digital asset at an
unprecedented rate. These smaller investors, often overlooked
in favor of institutional giants, have recently reached a
significant milestone, with the total supply of Bitcoin held by
them surging to an all-time high of 1.31 million coins. This
surge not only highlights the growing influence of retail investors
in the volatile world of cryptocurrencies but also underscores
their determination to ride the Bitcoin wave alongside their more
affluent counterparts. Related Reading: Conflux Network Partners
With China Telecom For Blockchain, SIM Project – Details The Rise
Of Bitcoin Shrimp Investors According to data analytics firm
Glassnode, these shrimp investors have surged to an all-time high
(ATH) of 1.31 million coins. The continuous rise in their holdings
highlights their growing influence and raises intriguing questions
about the evolving dynamics within the Bitcoin ecosystem. The
#Bitcoin supply held by Shrimp Entities (<1 BTC) continues to
relentlessly rise, expanding to an ATH of 1.31M coins. The cohort
is currently experiencing a significant expansion of +26K coins per
month, with only 202 (3.9%) trading days recording a larger monthly
growth. pic.twitter.com/Fa2QCHxZPO — glassnode (@glassnode) May 18,
2023 The data further reveals that shrimp investors are adding an
average of approximately 26,000 Bitcoins to their cumulative
holdings each month. This significant expansion is worth noting,
considering that only 3.9% of trading days, equivalent to 202 days,
have witnessed a larger monthly growth rate. These statistics
underline the sustained interest in Bitcoin among retail investors,
who remain undeterred by its well-known price volatility. The
Shrimp Investor Effect On BTC Price Dynamics Bitcoin’s price, as
reported by CoinGecko, currently stands at $26,914, reflecting a
slight 1.1% decline over the past 24 hours, while the
cryptocurrency was up 1.4% over the last seven days. Source:
Coingecko The surge in shrimp investors, indicated by their
increasing accumulation of Bitcoin, can have multiple impacts on
the current price of BTC. The sustained interest and continuous
buying pressure from shrimp investors can contribute to upward
price momentum. As more retail investors enter the market and
acquire Bitcoin, the increased demand can drive the price
higher. This influx of buyers, particularly if they are
accumulating the cryptocurrency at an unprecedented rate, as
mentioned earlier, can create a bullish sentiment that attracts
further investors and potentially leads to price appreciation.
BTCUSD backpedals to the $26K level. Chart: TradingView.com Related
Reading: Ethereum Whale Resurfaces After 2-Year Hiatus, Stakes $7.4
Million In ETH Conversely, the impact of shrimp investors on the
price of BTC can be influenced by market dynamics and investor
sentiment. While their accumulation may indicate growing interest,
the overall sentiment in the market, including the actions of
larger institutional investors or regulatory developments, can also
influence the price. If negative news or a general bearish
sentiment prevails, it can offset the impact of shrimp investors
and result in a more stagnant or declining price. -Featured image
from DELAYNA EARLEY / THE ISLAND PACKET VIA AP
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