Bitcoin Adds 13k ‘Wholecoiners’ Last Week! Smart Investors were Buying the Dip

Bitcoin 'wholecoiners' experience all-new highs creating new hopes for the crypto market

According to reports, since the inception of Bitcoin, the usage of the crypto grew by leaps and bounds in developing countries as its citizens sought safe refuge from the economic and financial turmoil. Global adoption of major cryptocurrencies, including Bitcoin, dramatically grew in 2021 as the market reached new heights and established itself as a strong contender against traditional forms of investment assets like gold, real estate, and stocks. But the dream run was quite short-lived for cryptocurrencies. Bitcoin fell by the end of 2021, dragging down major cryptocurrencies and the market. Even though, experts continued to neglect the fall as a 'crypto slumber' season and that it was a pattern for the Bitcoin price to eventually fall and then rise again to yield even more profits. But the anticipations and speculations fell as the BTC price continued to fall without stabilizing at a standpoint. Recently, BTC reached its all-time lows for 2022 as the crypto dropped below US$20,000. But BTC believers seem to not give up on the crypto's potential. Reports reveal that Bitcoin investors have been accumulating the tokens at a rapid pace over the past several days and weeks. As a result, the number of BTC wallet addresses has grown to more than 13,091.

Even though experts suggested crypto investors steer clear of investing in cryptocurrencies at this stage, especially Bitcoin. But it seems like the crypto's volatility is not a huge factor for modern investors. Instead, the current dip in Bitcoin acts as an opportunity for the thousands of crypto investors who previously wished to buy BTC but could not since the Bitcoin price was too expensive for them. Currently, BTC is standing in an extremely critical position, where its lack of an upsurge in momentum is causing BTC whales to dump their investments for more profitable means of income. Now, since other investors are utilizing this opportunity to buy as many BTC tokens as possible, it might somehow end up making Bitcoin a more appealing concept for investment than it has currently demonstrated itself to be.

Bitcoin 'Wholecoiners' Witnessed a New ATH Amid Volatile Market Conditions

Bitcoin investors have been accumulating BTC at an exponential pace over the past several weeks. According to reports, the number of Bitcoin wallet addresses that contained one BTC token or more increased by over 13,000. The total number of 'wholecoiners' rose to almost 800,000. This price action was perpetrated at a time when the BTC price suffered new lows. Within the past seven to ten days, the price of Bitcoin plummeted below US$30k, and reached further down, stabilizing itself at around US$19k to US$20k. The crypto market was in a free fall. Analysts who monitor the movements of digital assets concluded as a joke that the token might end up losing all its value and land at US$0. But according to what current reports reveal, this prediction will probably remain a joke and far from becoming a reality.

Will Bitcoin Recover Soon from its Relapse?

Since Bitcoin's fall below the US$20k mark, most investors have chosen to sell off their investments in hopes that they would be able to generate more profits from other forms of investment assets or other cryptocurrencies than Bitcoin. But fortunately, BTC has recovered back. At the time of writing this article, the crypto is trading at US$21,000, according to coinmarketcap. As investors continue to remain on edge due to all the negative news headlines based once cryptocurrencies and the rising inflation, they are also not backing down on utilizing this opportunity to buy the dip. It surely might enhance the market relevance of Bitcoin to new highs once again.