Bitcoin price is currently trading around $16.9ki at the time of writing. Bitcoin is back above the support level after taking a step lower yesterday. Altcoins were mostly stable, with some exceptions with small gains. More on that later.
The latest activity of small investors in the crypto community shows how reasonable the current accumulation status is. Research from the crypto analysis company Glassnode shows that smaller investors are buying up the crypto at a fast pace. More on that later.
Former Twitter CEO Jack Dorsey’s company Block has sued Bitcoin.com for trademark infringement. The entire argument concerns the use of the word “Verse,” which Block owns after acquiring Verse Technologies Inc.
Bitcoin price rises back to $17k
Bitcoin is changing hands at around $16.9ki at the time of writing, after recovering yesterday and overnight. The cryptocurrency is once again under tremendous bearish pressure, but that thwarted their immediate plans.
In the last 48 hours, BTC started trading at around $16.2k. It traded sideways for a while before starting to post a price drop at 01:00. However, the move bottomed out at around $16.1k. This is the same level that Bitcoin desperately held during previous trading sessions. Then, after several rejections below this level, the desperate bulls felt emboldened and began a small price rally back to earlier, higher levels. It started yesterday at 02:30. First, the price went up to about $16.3k. Within a few hours it was back over $16.5k by 6:40AM. But the bulls were not strong enough to continue this upward trend. So instead of continuing this positive trend, they spent most of the day struggling to maintain the $16.5k level. However, last night the price rose to $17k before consolidating just below that level.
The bulls are doing their best to repair themselves in the face of an impending price drop. The looming danger of falling further below $16k has lessened somewhat, but it is still there. The bears are still lurking and they are more than capable of making this happen. The coming days will therefore be decisive for the short-term outlook for the price. If the bulls can lift the price back above $17k, that could reduce the likelihood of an immediate drop below $16k.
The total market capitalization of BTC was around $315 billion and its share of the crypto market was 40%.
Altcoins remain largely stable
Altcoins were mostly stable at the end of the last 24 hours, with a few exceptions. Ethereum (ETH, 4.4%), Polygon (MATIC, 3%), Litecoin (LTC, 1.6%), Uniswap (UNI, 4.3%) and Ripple (XRP, 2.2%).
In other news….
Small and medium investors are accumulating Bitcoin
It is often complained that big investors dominate the crypto game. It is true that there are many large Bitcoin investors, aka whales, who own a large portion of the digital currency. Theoretically, these big players can dictate the game and manipulate the market.
However, the vast majority of Bitcoin is reportedly still owned by small and medium-sized investors. And instead of losing market share, they actually increase their inventory.
According to a recent estimate by research firm Glassnode, the number of small investors is at an all-time high when it comes to Bitcoin accumulation. They added more than 96,200 BTC ($1.7 billion) to their portfolio after the November crash.
These investors now hold more than 1.21 million Bitcoin ($20 billion), which is about 6.3% of the cryptocurrency’s total supply. But the reason smaller investors are majority shareholders is that many of them own it through centralized exchanges and through various custody-based financial instruments, such as those offered by the Grayscale Bitcoin Trust (GBTC). So the crypto sector is much fairer than previously thought, despite the fierce propaganda of the opponents.