Bitcoin accumulation reaches record high of 592,000 BTC worth $ 17.8 billion: high demand signals rising trust in cryptocurrency

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Bitcoin has caused a sensation in the financial world again in the past few days, since a record amount of 592,000 Bitcoin was traded. This corresponds to a value of around $ 17.8 billion. The data of the analysis company Glassnode show that Bitcoin was recently traded at a price of $ 30,200. This increase in the accumulation of Bitcoin indicates high demand because more and more companies are investing in the network. In fact, it is the second fastest pace in the history of the network, in which more companies buy more coins than ever before. The previous record was recently broken when 637,000 BTC was bought at an average price of $ 16,500.

This increase in Bitcoin accumulation took place at a time when a US court classified the Altcoin XRP as well as Bitcoin as a goods. The verdict was received positively by the crypto community and led to a temporary increase in the Bitcoin award via the psychological brand of $ 30,000.

The analysis company Glassnode uses a metric called Bitcoin Entity-Adjusted Economic Ratio by Day (ERPD) to evaluate the economic activity within the Bitcoin network. The number of participating companies is taken into account. The NVT ratio represents the ratio between market capitalization and the recorded on-chain trade volumes to a certain price point. A higher NVT quota indicates a higher value than the recorded trading volumes. The ERPD corrects this error by taking into account the addresses that are involved in this specific price point and includes the market capitalization. This can easily estimate the total number of coins involved.

This rapid increase in Bitcoin-Erpd development is expected to have an impact on old coins. Due to its liquidity and broad support, Bitcoin is an important directional giver for other cryptocurrencies. The performance and transactions of Bitcoin can measure the mood in the entire market and thus change the perception of old coins under the current market conditions.

Some commentators on social media say whether this increase will have positive effects or whether it could lead to further drops of price. Some believe that most of these transactions are carried out by so -called "paper hands" that buy Bitcoin when the price increases and are ready to sell with negative messages.

The increase in the ERPD also takes place before the planned Bitcoin half in 2024. Historical data show that such halves had positive effects on Bitcoin prices and could even trigger bull markets. After halving, the miners receive less coins, which leads to an offer shock and could support the prices.

Overall, the demand for Bitcoin continues to increase and large amounts of cryptocurrency are accumulated by companies, which indicates increased trust in the future of Bitcoin. It remains to be seen whether this trend continues and what effects it will have on the cryptoma market.