Cryptocurrency analysis platform IntoTheBlock has reported that when the price of Bitcoin (BTC) fell below $30,000, around 68.96% of holders remained in a state of floating profit. Data shows that more than 3.4 million addresses purchased BTC near the $30,000 price point. This suggests a strong conviction among holders despite the asset's declining price.
Additionally, since May this year, the number of newly created addresses on the Bitcoin network has been increasing, recently reaching a new high for the year. This indicates that Bitcoin is attracting new users even as the hype surrounding digital currencies mounts.
IntoTheBlock also noted that Bitcoin's network value to transaction (NVT) ratio is currently at an unprecedented level, which typically signifies an overvaluation of the asset. However, Bitcoin's volatility has reached a historically low point, and such low volatility often precedes large price fluctuations.
