As the Bitcoin price continues to oscillate between $29,000-$30,000 levels, the investors are enjoying the results. Notably, investors have been much enthusiastic amid the recent overall positive performance of the asset following the drawdowns which were witnessed in the past years.
To this, analysts studying the data suggest that roughly two years ago, Bitcoin experienced a significant disruption when China announced a ban on Bitcoin mining. Marking this as one of the biggest events in the crypto industry, Bitcoin had taken a huge slide and dropped from $60,000 to $30,000.
Now, according to Glassnode, an on-chain analytics firm, in the wake of these challenges, Bitcoin’s “2 year supply last active” cohort has continued to show resilience. Analysts suggest that this cohort has been continuously making new highs as a sign of hope and trust in the asset. At present, this cohort stands strong at 56%.
Notably, since May this year despite the regulatory uncertainties, the cohort has maintained a steady upward trajectory, suggesting a robust recovery. Additionally, Bitcoin’s “1+ year” cohort has also been recording new highs.
This uptrend is particularly remarkable as it follows the dramatic Luna collapse in June 2022, which triggered Bitcoin’s value to drop from $30,000 to $20,000. Despite these substantial market shocks, Bitcoin’s active supply cohorts continue to indicate a persistent strengthening.
Notably, the recent figures add up to previous data reported by Todayq News wherein percentages of supply last active for various time periods oscillating around all-time highs. Specifically, the figures indicate that 69.1% of the supply has not been active for at least one year, while 55.7%, 40.1%, and 29.1% have remained inactive for two years, three years, and five years, respectively.
Simultaneously, the number of non-zero Bitcoin addresses have also reached an all-time high value. Currently, the number of non-zero addresses have touched 47,727,754, marking the highest figures in history.
The recent highs mark an increasing trail after the previous record figures wherein the wallets have been increasing accumulation continuously. This also aligns with the figures that the wallets with 1+ coins as well as 0.1+ coins have been on a consistent increase.
Despite the recent slight slide in prices and enhanced market stability, the majority metrics for the asset have yielded positive results. As of writing, Bitcoin is trading at $29,182.50, a small 0.11% fall from a day ago.