Although Bitcoin did not have a lot of upward momentum, this has not stopped hodlers from buying coins that are at least three months old to get an ATH of 86.3% according to Glassnode.
Market insight provider based on BTC Cap HODL wave pointed out:
“Coins aged 3m+ now account for an ATH of 86.3% of all USD wealth held by the BTC supply. Bitcoin hodlers appear to be steadfast and unwavering in their conviction.”
“The total volume of Bitcoin coin-days destroyed in the last 90-days has, effectively, reached an all-time-low. This indicates that coins which have been hodled for several months to years are the most dormant they have ever been.”
Because coins can be used for other purposes than speculation, hodling is a popular strategy in the crypto scene. Glassnode stated:
“Number of BTC addresses holding 0.1+ Coins just reached an ATH of 3,824,449. Previous ATH of 3,824,379 was observed on 25 September 2022.”
BTC hodlers will not be bowed to pressure despite top cryptocurrency trading being based on weak economic conditions.
According to CoinMarketCap, Bitcoin hovered around $18,895 in intraday trading. CoinMarketCap.
Michael Saylor, co-founder of MicroStrategy recently stated that Bitcoin was 100x more valuable than gold, despite market declines. Accordingly, he expected BTC to become the next major store of value.
“I think that the next logical step for Bitcoin is to replace gold as a non-sovereign store of value asset, and gold is a $10 trillion asset as we speak. Bitcoin is digital gold; it’s 100x better than gold,” Saylor said.