10m Bitcoins Have Stayed Static for Over a Year
In a world where we all seem to be looking for the next big money-making opportunity, Bitcoin certainly catches the eye. One thing about Bitcoin is that, for all of its explosions in price (good or bad), people tend to stay pretty fluid.
Bitcoins flow to and from accounts and it has become one of the most fluid, consistently moved kinds of currency today. However, one thing to note about Bitcoin is that we are beginning to see a small slowdown in just how often certain coins are being moved.
For example, over 10m Bitcoins have not moved an inch in over a year. That is the highest number of Bitcoins to have not moved in a single year since 2017.
This means that more than 10m Bitcoins have not been traded or changed hands in any capacity at all. This comes from a year-long analysis by fin-tech masterminds Digital Assets Data.
They found that the number of Bitcoins not being at the moment was massive. With 18.14m Bitcoins in existence, this means that over half – just shy of 60% - of Bitcoins have yet to be moved.
It’s the ideal choice for anyone who is looking to try and work out if Bitcoin is still moving around as it once did. The short answer is no – this has been the highest number of coins staying static since the 2017 period.
The World is Changing for Crypto Currencies
The year of 2019 brought a huge amount of change for the cryptocurrency itself. Indeed, it swung from around $3.6k per coin to a whopping $13,879 per coin in the first six months of the year.
Shutterstock / Frozen Bitcoin
Come around December, though, it was “only” worth $7,179. However, despite the massive sell-off that was taking place, the price of a Bitcoin had still managed to almost double from year-start to year-end.
However, with that being the case, a large volume of coins had stayed inactive. Instead of being used and put on the market, these coins simply sat static in the accounts of others.
One reason is that due to the mining reward being halved, there is an expectation that Bitcoin is only going to increase in price again. Just like any other market, experts are holding fire until they see what happens next.
If the market fails to live up to the billing of a large price increase, then we could see a huge amount of sales taking place. With the threat of dormant Bitcoins soon becoming worth less than they are today, some might choose to sell up and avoid losing more than they might be worth.
With the price reaching such ridiculous heights in 2014, though, who knows what the future might hold for Bitcoin. One thing is for sure; a lot of people are holding on waiting for the next big boon. If that does not arrive, though, who knows what happens next?
Bitcoin could be set for one of its most interesting years since its inception.