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bitcoin 1 btc wallet
Nexo

Christmas Eve Data: Ho-Ho-Holders of 1 Bitcoin Or More Grow Year Over Year

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0

With Bitcoin price well over $20,000, chances are the cryptocurrency will be a topic during holiday dinner table discussions once again this year. Investors in “digital gold” in 2020 are especially merry right now, after a 500% rally from yearly lows.

Data taken from each Christmas Eve to the next shows that it isn’t just holiday cheer that is spreading, and that wallets holding 1 BTC or more have reached their highest level historically.

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Christmas Cheer: Bitcoin Ho-Ho-Holders With 1 BTC Spreading, Data Shows

Much of the reason why the first-ever cryptocurrency confounds traditional financial analysts is due to a lack of understanding of the asset’s underlying network and the power of the “network effect.”

As Bitcoin spreads and becomes more decentralized, its network becomes larger and stronger. This adoption, fundamentally, is why the asset is back in a bull market.

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Add in the fact that demand far outweighs the ultra scarce supply, and the price of the asset is set to increase exponentially. Later, things come crashing down, the cycle starts all over, allowing new participants to enter and history repeats.

Data taken from each Christmas Eve to the next, according to glassnode, shows this network effect and spreading of adoption in full effect. Wallets containing a full BTC or more have now reached the highest level historically on Christmas Eve.

bitcoin 1 btc wallet

YEAR OVER YEAR GROWTH OF WALLETS CONTAINING 1 BTC OR MORE | SOURCE: GLASSNODE

Beware of The Grinch: Derivatives Expiry Shake Up Christmas Day

A substantial sum in the billions of crypto derivatives contracts are set to expire on Christmas Day, which could spark a large increase in intraday volatility on the holiday.

In traditional markets, holidays are off-limits along with weekends. With Bitcoin and other crypto assets, weekends and holidays are notorious for low volume, because traders and investors are away from their desks, and is often when large moves occur.

RELATED READING | FIVE REASONS WHY GOVERNMENTS WON’T BAN BITCOIN AND CAN’T STOP CRYPTO

However, this is often when fireworks happen. It doesn’t mean this Christmas Day won’t be cheerful for crypto investors, but it could mean that the Grinch is trying to put a damper on Bitcoin’s rally for the time being.

bitcoin 1 btc wallet

PRICE ACTION FROM EACH CHRISTMAS EVE TO THE NEXT | SOURCE: BTCUSD ON TRADINGVIEW.COM

And regardless of what happens on Christmas Day, the chart above shows that the growth of Bitcoin price between each Christmas Eve to the next is enough to make anyone holding the cryptocurrency’s holiday merry and bright.

But it is the holiday, so let Bitcoin be, and stay away from the charts if you can.

FEATURED IMAGE FROM DEPOSIT PHOTOS, CHARTS FROM TRADINGVIEW.COM & GLASSNODE
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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