“Wholecoiners” on the Rise, Showing Love to Bitcoin
Weekly Crypto Roundup. BTC, ETH, XRP, LTC Price Updates
As of this month, the number of Bitcoin addresses that hold at least 1 BTC has surpassed 1 million. This milestone which garnered a lot of interest on social media was reached on May 18, according to crypto analytics firm Glassnode.
The “wholecoiners” have been on the rise since 2021 and the bullish trend has not paused since. As Glassnode data shows, in 2022 the trend gained even more traction: the number of “wholecoiners” increased from 814,000 at the beginning of the year to 978,000 at its end. That’s a 20% increase and it shows that buying the dip can be profitable.
Top 10 Update
At the time of writing, Bitcoin’s price is hugging the $27,000 level where it spent almost a week. Wednesday, the bulls made an attempt to move away from the level but the bears were quick to answer and sent the price back down, closing Thursday at $26,820. According to CoinMarketCap data, Bitcoin is up 0.86% for the last 7 days but down 1.57% for the last 24 hours, currently trading at $26,860.
Ethereum’s price action looks very similar to Bitcoin’s. The second-largest cryptocurrency by market cap has been stuck near $1,800 since last Friday. It is currently changing hands at 1,807 US Dollars and is up 2.16% over the last 7 days but down 0.93% in the last 24 hours.
Ripple’s XRP on the other hand, has been one of the better performers. After spending a few days on the support at $0.4225, it started to rally and it is currently trading at $0.4630. CoinMarketCap data shows that XRP added 6.34% over the last 7 days and 3.75% in the last 24 hours alone. It is currently not overbought and the bulls are challenging the 50-day Moving Average.
Litecoin, an OG that sits just outside the Top 10 (at number 11) is the fastest grower among the mainstream altcoins. LTC has added 17.13% in the last 7 days and is currently changing hands. at 92.59 US Dollars.
Chart Analysis – BTC/USD
Since failing to break $30,000, Bitcoin has been banging its head between $27K and $30K. Both levels were touched several times and each time the price did a 180, traveling to the other side. Recently, BTC/USD has been stuck on $27K and it looks like it’s getting ready for stronger moves.
The pair has been in an uptrend since the beginning of the year and this increases the probability of a move up if support holds. However, after the first attempt to break $30,000, the pair printed a lower high, which means that the uptrend is weakened.
The price is trading near the bottom Bollinger band, thus making bullish moves more probable. The 50-day MA is flat, showing a lack of a clear bias. Use caution because the pair could jump to either side.
