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Home»BLOCKCHAIN NEWS»switch to long-term holding; 68.5% of Total Circulating Bitcoin Supply Remains Untouched – Blockchain News, Opinion, TV & Jobs
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switch to long-term holding; 68.5% of Total Circulating Bitcoin Supply Remains Untouched – Blockchain News, Opinion, TV & Jobs

By Crypto FlexsNovember 28, 20232 Mins Read
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switch to long-term holding;  68.5% of Total Circulating Bitcoin Supply Remains Untouched – Blockchain News, Opinion, TV & Jobs
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Written by Matteo Greco, Research Analyst at Fineqia International, a listed digital asset and fintech investment firm. (CSE:FNQ).

When analyzing BTC supply, approximately 68.5% of the total circulating supply has remained untouched for at least a year, close to its highest level. Additionally, BTC’s hash rate, which represents the computing power of the blockchain network, reached an all-time high on a 7-day moving average.

These statistics highlight Bitcoin’s resilience. The number of long-term holders is increasing, reflecting the trend of holding assets for long-term appreciation rather than speculative purposes. At the same time, the growing competition among miners, despite mining rewards being halved within a few months, shows their strong will to secure the network and monetize it.

Macroeconomically, the U.S. September consumer price index (CPI) inflation rate, which is announced on Thursday, is expected to be 3.6%, down slightly from 3.7% in August. Market participants did not expect the Federal Reserve (FED) to raise interest rates further and predicted a 78.9% chance of keeping interest rates current.

Bitcoin (BTC) closed the previous week at approximately $27,900, down 0.3% from the previous week’s closing price of $28,000. BTC’s price proved stable, briefly reaching $27,160 during the week before rebounding to around $27,500 and eventually approaching $28,000 by the end of the week.

BTC continues to outperform other digital assets, with its dominance increasing by 0.5% for the second week in a row. Bitcoin dominance, which measures the relationship between Bitcoin’s market capitalization and the overall digital asset market capitalization, currently stands at 50.9%. This is a steep rise compared to 50.4% a week ago and 49.9% two weeks ago.

BTC’s price stability coupled with its increasing dominance points to a less favorable week for the alternative digital asset. This pattern is confirmed by the Total3 indicator, which reflects the total market capitalization of digital assets excluding Bitcoin (BTC) and Ethereum (ETH), which fell to $327.3 billion from $334.7 billion at the beginning of last week.

In terms of trading volume, the centralized exchange’s cumulative spot trading volume, evaluated by 7-day moving average, reached $12.34 billion from October 2 to October 8. This represents a marked increase in trading activity compared to any point in the past four weeks, and halts a three-month downward trend in trading volume.of activity.

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