price rally has stalled since the cryptocurrency underwent its third halving on May 11, but investor confidence in the cryptocurrency’s long-term prospects remains strong, data shows.
The halving event on May 11 saw the mining reward per block on bitcoin’s blockchain cut from 12.5 BTC to 6.25. The event was expected by many to accelerate the price uptrend from the low of $3,867 seen in March.
So far, though, the leading cryptocurrency by market value has failed to pick up a strong bid and continues to trade below $10,000 – a level seen two days ahead of the halving. Even so, larger investors, often called whales, continue to accumulate coins, as seen below.
As of Tuesday, the number of bitcoin whales, as represented by the tally of unique entities holding at least 1,000 coins, was 1,840. That’s up nearly 2% from the level of 1,811 observed on May 1, according to data from blockchain analytics firm . The metric clocked a recent high of 1,844 on Monday, a level last seen in November 2017.
The steady accumulation since the halving suggests investor confidence in the long-term bullish narrative surrounding bitcoin.
the cryptocurrency to rise sharply over the next 12 months on the back of the unprecedented fiscal and monetary stimulus delivered by authorities across the globe in the past three months. said they expect bitcoin to challenge the record high of $20,000 by the end of 2020 on increased institutional participation.
For the whale metric, an entity a cluster of addresses that are controlled by the same network entity and are estimated through Glassnode’s proprietary clustering algorithms.