Traders’ confidence in Bitcoin’s future prospects surges.
The number of Bitcoin long-term investors has surged to a new all-time high (ATH), as more people continue to set their sights on the future potential of the top asset class, as opposed to shorter gains.
Data from IntoTheBlock shows that the Bitcoin balance of long-term investors, who have been holding the world’s largest cryptocurrency for at least a year, has hit a new ATH of 12 million BTC today.
“ATH Hodler Balance – Long-term investors now hold a record amount of nearly 12 million #Bitcoin. The long-term conviction of these addresses helps ease selling pressure and can help reinforce the belief of Bitcoin as a store of value,” IntoTheBlock reports today.
According to the data, the majority of Bitcoins were accumulated between the price level of $15,000 and $55,000.
This suggests that most of these investors will continue to hold the asset class because it is trading below their purchase price.
Earlier this week, Bitcoin brought joy to the faces of many investors as the cryptocurrency surged above $47,500, its highest value since the beginning of the year.
The cryptocurrency suffered a slight retracement earlier today as it traded around $44,300 in the early hours of today.
However, traders did not seem shaken by the slight dip as many saw the price dip as an opportunity to add up to their Bitcoin holdings. This is in contrast to traders’ attitudes during the commencement of Russia’s invasion of Ukraine.
Following the declaration of a full-scale invasion of Ukraine, Bitcoin’s fear and greed index fluctuated between 25 and 20, indicating extreme fear, as BTC dipped below $33,000 then.
Interestingly, the days of extreme fear are behind investors, as the BTC fear and greed index has surged tremendously since February, and it is currently at 50, indicating a neutral behavior of the world’s largest cryptocurrency.
Bitcoin Fear and Greed Index is 50 – NeutralCurrent price: $45,064 pic.twitter.com/OhfopwgZfx
— Bitcoin Fear and Greed Index (@BitcoinFear) April 1, 2022
At press time, BTC is trading around $46,500, up 1.5% from what was recorded in the last 24 hours.