- The growing number of retail investors may signal mass adoption.
- The cryptocurrency market retreated from the recent highs and entered consolidation phase.
Retail investors seek buying opportunities
According to the recent statistical data compiled by Coin Metrics, the number of addresses with a small number of coins has been growing steadily since BTC collapse in March, which means that retail investors have been taking the dip as a buying opportunity. The experts believe, a considerable price decrease made Bitcoin more affordable and gave retail investors the way in. The report says:
The number of addresses holding between one billionth (1/1B) and one hundred millionth (1/100M) of the total BTC supply (i.e. between 0.000000001% and 0.00000001% of total supply) has increased about 6% over the last 90 days. Similarly, the number of addresses holding between one hundred millionths (1/100M) and one ten-millionth (1/10M) of total supply increased about 4%.
This trend may signal that the interest in digital currencies is growing. New users come to the market, which is a potential sign growing crypto adoption, Coin Metrics analysts believe.
This data is supported by Bitwise statistics that showed a significant trading volume increase on popular cryptocurrency exchanges.
Top-3 coins overview
BTC/USD is changing hands at $7,270. The first digital coin has lost nearly 1.5% since this time on Tuesday. A failure to move above $7,500 triggered the downside correction. While the short-term trend is bearish, in the long-run, BTC retains positive bias as long as it stays above $7,000.
ETH/USD has lost 2% in the recent 24 hours to trade at $168.30 at the time of writing. Despite the retreat from the recent high of $176.48, the coin retains bullish bias and a chance to reach $200.00 once the correction is over. The vital support comes at $150.00.
XRP/USD broke back below the psychological barrier of $0.2000 and hit the intraday low of $0.1916. At the time of writing, the coin is consolidating at $1980 with short-term bullish bias amid low volatility.