Bitcoin Sets New All-Time High In Addresses Holding at Least 0.1 BTC

Tony "The Bull" Severino

6 years ago

2 mins read

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In recent weeks, Bitcoin and other cryptocurrencies have begun to show life once again,. The bear market is in the rear view mirror now that a bottom has been confirmed. Bitcoin alone has nearly tripled in value in under is six months and is flirting with prices that haven’t been seen in well over a year, due to investors fearing they won’t ever get a chance to buy BTC at prices this low (or lower) ever again.

With FOMO and bullish sentiment back across the crypto market, talk of new all-time highs is commonplace once again. And while crypto investors and “hodlers” are busy speculating on what the next all-time high price of Bitcoin will be, the crypto asset is already setting new all-time highs right under our noses.

Why It Matters: Only 210 Million 0.1 BTC Increments Exist

One of the biggest benefits Bitcoin has going for it, is its incredibly scarce supply. The first ever crytocurrency was designed to be deflationary and was hard-capped at 21-million BTC – no additional Bitcoins can ever be created. Millions are said to be lost on the blockchain due to forgotten keys or due to asset holders dying without transferring the keys to another owners – which could be the case with Bitcoin creator Satoshi Nakamoto.

Such a design causes the asset to repeatedly “bubble”, and it’s the main reason why it’s one of the fastest rising financial assets ever created. That same scarcity is exactly why crypto investors should be as equally enthusiastic about a new all-time high Bitcoin has set, that doesn’t have anything to do with price itself.

According to Coinmetrics.io co-founder Nic Carter, Bitcoin has reached a new all-time high… “in addresses holding at least 0.1 BTC.”

New ATH 😱 (In addresses holding at least 0.1 BTC) pic.twitter.com/waXAptr40E

— nic 🌠 carter (@nic__carter) May 27, 2019

While you won’t see primetime news headlines reporting about this all-time high the same way we would if Bitcoin broke above $20,000 – setting a new record for the asset – the news is arguably more significant.

The new “ATH” shows that people are increasingly taking interest in Bitcoin, and people are buying more and more of it. And with an asset so scarce, as these numbers increase, the value of the asset should grow.

There are some common phrases in the crypto space that are used to show the magnitude behind the scarcity, such as “ there are more millionaires in the world than there are Bitcoins,” and “if Bitcoin became the global currency, and if all Bitcoin was equally distributed, each person would only ever have 0.03 BTC,” and more.

These stories aren’t impossible but extend into exuberance over the asset’s potential. However, the potential impact scarcity can have on the long term value of Bitcoin is difficult to ignore.

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Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.