{"id":542858,"date":"2023-07-17T09:19:54","date_gmt":"2023-07-17T09:19:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=542858"},"modified":"2024-06-11T06:59:29","modified_gmt":"2024-06-11T06:59:29","slug":"520000-bitcoin-accumulated-at-30000-btc-bull-run","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/520000-bitcoin-accumulated-at-30000-btc-bull-run\/","title":{"rendered":"$18 Billion Worth Of Bitcoin Accumulated At $30,200 &#8211; BTC Bull Run Incoming?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">A record 592,000 Bitcoin, or roughly $17.8 billion, was accumulated when the coin was trading at $30,200, recent Glassnode <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/glassnode\/status\/05400832\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\"> indicates. At this accumulation rate, suggesting possible demand, more entities bought more coins at the second fastest pace in the network&#8217;s history. <\/span>This record was only broken when 637,000 BTC were bought at an average price of $16,500.<\/p>\n<h2><strong><span data-preserver-spaces=\"true\">592,000 Bitcoin Bought At $30,200<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">The spike in Bitcoin accumulated at this price point preceded the decision by a United States court to rule that XRP, an altcoin issued from the XRP Ledger (XRPL), is a commodity, just like Bitcoin. The ruling on Friday, July 14, was received positively by the crypto community and temporarily lifted prices, sustaining Bitcoin above the psychological $30,000 mark.<\/span><\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/1oocVkq3\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/1oocVkq3\/\" alt=\"Bitcoin price on July 16| Source: BTCUSDT on Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price on July 16 | Source: <a href=\"https:\/\/www.tradingview.com\/x\/1oocVkq3\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">According to Glassnode, the Bitcoin Entity-Adjusted Economic Ratio Per Day (ERPD) is a metric designed to assess economic activity within the network, considering the number of entities participating. This metric is calculated by dividing the Network Value to Transactions (NVT) ratio by the entity-adjusted on-chain volume. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In on-chain analysis, the NVT ratio represents the relationship between the market capitalization and the recorded on-chain trading volumes at a specific price point. A higher NVT ratio indicates a greater value than recorded trading volumes.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/snx\/synthetix-snx-up-by-35-in-anticipation-of-new-decentralized-exchange\/\">Synthetix (SNX) Up By 35% In Anticipation Of New Decentralized Exchange<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">While the NVT reading can be useful, it can also be misleading if the entities, or clustered addresses, involved in transactions are not accounted for. To correct this error, the ERPD integrates addresses involved at that price point, used in taking account of the market cap. This way, it can be easy to gauge the entities and total coins involved.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Shifting Sentiment?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">The surge in Bitcoin ERPD development will also likely impact altcoins. Considering its liquidity and support across the board, Bitcoin sets the tone for other altcoins in crypto. Its performance and transactions can gauge market-wide sentiment, which might, in turn, change how altcoins are perceived in the current market conditions.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/stablecoin\/stablecoin-trueusd-to-be-fully-controlled-by-asian-owner\/\" target=\"_blank\" rel=\"noopener \">Stablecoin TrueUSD To Be Fully Controlled By Asian Owner<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Still, some commentators on Twitter were unsure if the metric was a positive development or a position for further price crashes. One\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/HamzaAa68799909\/status\/58066432\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">believes<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that most such transactions are conducted by &#8220;paper hands&#8221; who buy Bitcoin when the price increases and are set to sell at any moment of negative news.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The spike in ERPD is also ahead of the Bitcoin halving event in 2024, which, reading on historical performances, may impact prices positively, even triggering a bull run. <\/span><span data-preserver-spaces=\"true\">After halving, miners would receive fewer coins, releasing even fewer for circulation, a supply shock that may support prices.<\/span><\/p>\n<div class=\"disclaimer-shortcode\"><em>Feature image from Canva, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A record 592,000 Bitcoin, or roughly $17.8 billion, was accumulated when the coin was trading at $30,200, recent Glassnode data indicates. At this accumulation rate, suggesting possible demand, more entities bought more coins at the second fastest pace in the network&#8217;s history. This record was only broken when 637,000 BTC were bought at an average price of $16,500. 592,000 Bitcoin Bought At $30,200 The spike in Bitcoin accumulated at this price point preceded the decision by a United States court to rule that XRP, an altcoin issued from the XRP Ledger (XRPL), is a commodity, just like Bitcoin. The ruling on Friday, July 14, was received positively by the crypto community and temporarily lifted prices, sustaining Bitcoin above the psychological $30,000 mark. According to Glassnode, the Bitcoin Entity-Adjusted Economic Ratio Per Day (ERPD) is a metric designed to assess economic activity within the network, considering the number of entities participating. This metric is calculated by dividing the Network Value to Transactions (NVT) ratio by the entity-adjusted on-chain volume. In on-chain analysis, the NVT ratio represents the relationship between the market capitalization and the recorded on-chain trading volumes at a specific price point. A higher NVT ratio indicates a greater value than recorded trading volumes. Related Reading: Synthetix (SNX) Up By 35% In Anticipation Of New Decentralized Exchange While the NVT reading can be useful, it can also be misleading if the entities, or clustered addresses, involved in transactions are not accounted for. To correct this error, the ERPD integrates addresses involved at that price point, used in taking account of the market cap. This way, it can be easy to gauge the entities and total coins involved. Shifting Sentiment? The surge in Bitcoin ERPD development will also likely impact altcoins. Considering its liquidity and support across the board, Bitcoin sets the tone for other altcoins in crypto. Its performance and transactions can gauge market-wide sentiment, which might, in turn, change how altcoins are perceived in the current market conditions. Related Reading: Stablecoin TrueUSD To Be Fully Controlled By Asian Owner Still, some commentators on Twitter were unsure if the metric was a positive development or a position for further price crashes. One\u00a0believes\u00a0that most such transactions are conducted by &#8220;paper hands&#8221; who buy Bitcoin when the price increases and are set to sell at any moment of negative news. The spike in ERPD is also ahead of the Bitcoin halving event in 2024, which, reading on historical performances, may impact prices positively, even triggering a bull run. After halving, miners would receive fewer coins, releasing even fewer for circulation, a supply shock that may support prices. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":542859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,14618,679,88635,40333],"class_list":["post-542858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bulls","tag-bitcoin-price","tag-erpd","tag-nvt"],"acf":[],"yoast_head":"\n<title>$18 Billion Worth Of Bitcoin Accumulated At $30,200 - BTC Bull Run Incoming?<\/title>\n<meta name=\"description\" content=\"A record 592,000 Bitcoin, or roughly $17.8 billion, was accumulated when the coin was trading at around $30,200.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/520000-bitcoin-accumulated-at-30000-btc-bull-run\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$18 Billion Worth Of Bitcoin Accumulated At $30,200 - BTC Bull Run Incoming?\" \/>\n<meta property=\"og:description\" content=\"A record 592,000 Bitcoin, or roughly $17.8 billion, was accumulated when the coin was trading at around $30,200.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/520000-bitcoin-accumulated-at-30000-btc-bull-run\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-17T09:19:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T06:59:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Crypto-news-Template25.jpg?fit=1380%2C780\" \/>\n\t<meta property=\"og:image:width\" content=\"1380\" \/>\n\t<meta property=\"og:image:height\" content=\"780\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/520000-bitcoin-accumulated-at-30000-btc-bull-run\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/520000-bitcoin-accumulated-at-30000-btc-bull-run\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"$18 Billion Worth Of Bitcoin Accumulated At $30,200 &#8211; 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"$18 Billion Worth Of Bitcoin Accumulated At $30,200 &#8211; BTC Bull Run Incoming?","url":"http:\/\/uniquehot.com\/news\/520000-bitcoin-accumulated-at-30000-btc-bull-run\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/520000-bitcoin-accumulated-at-30000-btc-bull-run\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Crypto-news-Template25.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Crypto-news-Template25.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bulls","bitcoin price","erpd","nvt"],"dateCreated":"2023-07-17T09:19:54Z","datePublished":"2023-07-17T09:19:54Z","dateModified":"2024-06-11T06:59:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"$18 Billion Worth Of Bitcoin Accumulated At $30,200 &#8211; BTC Bull Run Incoming?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/520000-bitcoin-accumulated-at-30000-btc-bull-run\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/520000-bitcoin-accumulated-at-30000-btc-bull-run\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Crypto-news-Template25.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Crypto-news-Template25.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bulls\",\"bitcoin price\",\"erpd\",\"nvt\"],\"dateCreated\":\"2023-07-17T09:19:54Z\",\"datePublished\":\"2023-07-17T09:19:54Z\",\"dateModified\":\"2024-06-11T06:59:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Crypto-news-Template25.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542858"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=542858"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/542859"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=542858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=542858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=542858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}