Bitcoin Value Reaches New Milestone: A Significant Development in the Digital Currency Market
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Bitcoin’s Store of Value Reaches $1.03 Trillion Across Wallets and Exchanges
A recent analysis conducted by CryptoQuant CEO Ki Young Ju has revealed a staggering figure – the total value of Bitcoin stored in various wallets and exchange platforms has surpassed $1.03 trillion. This monumental milestone underscores the growing confidence and adoption of Bitcoin as a store of value.
The calculation, which measures the amount of capital entering the market through exchanges, has seen an impressive 85% increase since the beginning of 2024. The figure represents a significant jump from $130 billion in 2017 to over $700 billion in 2021, and now exceeding the trillion-dollar mark for the first time.
This substantial growth is reflective of investors’ increasing confidence in Bitcoin as a safe haven amid market volatility. Despite recent price fluctuations, which saw the cryptocurrency drop by 3.04% in the last 24 hours, the overall sentiment remains optimistic.
The report highlights a critical shift in investor behavior, with the majority opting for long-term holding strategies over short-term trading. This trend is evident in the increase of long-term holders from 59% to 75% in 2024, further solidifying Bitcoin’s status as a store of value.
Moreover, this development is not limited to just one platform or exchange. Rather, it represents a collective effort across multiple platforms, showcasing widespread trust and confidence in Bitcoin’s ability to preserve value.
The data also points out that the increase in Bitcoin’s store of value has been accompanied by a rise in network indicators such as hashrate and mining difficulty. This surge in hash rate, reaching a record 841.64 Ehash/s, coupled with an all-time high in mining difficulty at 108T, demonstrates strong optimism from miners.
In conclusion, this astonishing milestone underscores Bitcoin’s role as a store of value, with its capital held across various platforms.
Source: crypto-economy.com
