Bitcoin Hits the $29, 000 All-Time High as 78% of Bitcoin Becomes Illiquid

Bitcoin has crossed yet another all-time high just one day away from the end of 2020 breaking past $29,000, setting a new ATH of $29,321. Once again, the bull run is almost entirely being driven by institutional investors. __________________________________________________________________________ SEE ALSO: Bitcoin Surpasses Visa Market Cap as it Breaks the $25, 000 Milestone __________________________________________________________________________ A new report by Glassnode seem to indicate that 78% of bitcoin is illiquid and out of the market for buying, further cutting out the number of bitcoins available. According to findings published by blockchain analysis company, Glassnode, only 4.2 million Bitcoin (22%) are currently available to buy and sell. 78% of the circulating #Bitcoin supply is illiquid and therefore hardly accessible for buying.This points to a bullish investor sentiment as large amounts of $BTC are being hoarded – which reduces sell pressure.Full report: https://t.co/nohmLNNJ7UHighlights below ???? — glassnode (@glassnode) December 29, 2020 According to Glassnode: “If many bitcoins are illiquid, a supply-side crisis emerges—which has a weakening effect on BTC’s selling pressure in the market. Or put differently: A sustained rise of illiquid bitcoins is an indication of strong investor hodling sentiment and a potentially bullish signal.”                – Glassnode More than one million bitcoin have become illiquid in 2020 alone, and going by the report, Bitcoin liquidity and the price of the currency go hand in hand. __________________________________________________________________________ RECOMMENDED READING: The Total Cryptocurrency Market Cap Grew By More than 3.3x in 2020 Alone, Latest Report Shows __________________________________________________________________________ Subscribe to the channel below to keep updated on latest news on video: [embedded content] ______________________________________________________________________ Start trading bitcoin today from as low as $10. Open a Paxful Bitcoin Trading Account to get started! ______________________________________________________________________

Bitcoin Hits the $29, 000 All-Time High as 78% of Bitcoin Becomes Illiquid

Bitcoin has crossed yet another all-time high just one day away from the end of 2020 breaking past $29,000, setting a new ATH of $29,321.

Once again, the bull run is almost entirely being driven by institutional investors.

__________________________________________________________________________

SEE ALSO: Bitcoin Surpasses Visa Market Cap as it Breaks the $25, 000 Milestone

__________________________________________________________________________

A new report by Glassnode seem to indicate that 78% of bitcoin is illiquid and out of the market for buying, further cutting out the number of bitcoins available.

According to findings published by blockchain analysis company, Glassnode, only 4.2 million Bitcoin (22%) are currently available to buy and sell.

According to Glassnode:

“If many bitcoins are illiquid, a supply-side crisis emerges—which has a weakening effect on BTC’s selling pressure in the market. Or put differently: A sustained rise of illiquid bitcoins is an indication of strong investor hodling sentiment and a potentially bullish signal.”

               – Glassnode

More than one million bitcoin have become illiquid in 2020 alone, and going by the report, Bitcoin liquidity and the price of the currency go hand in hand.

__________________________________________________________________________

RECOMMENDED READING: The Total Cryptocurrency Market Cap Grew By More than 3.3x in 2020 Alone, Latest Report Shows

__________________________________________________________________________

Subscribe to the channel below to keep updated on latest news on video:

______________________________________________________________________

Start trading bitcoin today from as low as $10.

Open a Paxful Bitcoin Trading Account to get started!

______________________________________________________________________