Bitcoin’s 700,000th Block

Despite the level of hostility witnessed by the leading crypto asset, Bitcoin has been able to successfully produce its 700,000th block on Friday, September 11, marking a significant milestone for the crypto industry.

This is coming nearly two years after the network produced its 600,000th block. While that happened on October 19, 2019, it took BTC less than 2years to attain this new record.

Then, when it produced its 600,000th block, it was trading for less than $8k, however, the asset is currently trading above $40k, showing a significant rise in price.

With this, the total supply of the flagship crypto-asset sits at 18,812,806, representing 89.5%  of all coins ever produced on the network. Ordinarily, the network produces new blocks every ten minutes; however, mining difficulty determines the number of blocks produces with the time frame. Its Proof-of-Work (PoW) algorithm increases the mining difficulty.

Interest in Bitcoin Still Strong

Considering the fact that Bitcoin has faced some level of hostility from authorities across the world, especially with many raising eyebrows about its environmental impacts plus the crackdown by different countries, it is notable to note that interest in the asset is not waning.

While the flagship crypto-asset has been trading under pressure after the August rally, data from a crypto analyst, Ali Santiment, has revealed that whales are still showing more interest as they continue to add bulks in the last few days.

A separate data from Glassnode also revealed an interesting trend among short-term and long-term holders. It says 80 percent of long-term holders hold 80 percent of BTC’s total supply, while 17 percent short-term holders spend the digital money.

The data continues: “this suggests that many coins changed hands during the recent consolidation in the $29k to $40k range. It also indicates $BTC purchased in Q1 to Q2 2021 remains tightly held, with investors unshaken by a 50%+ drawdown. Note, some of these coins are likely held by GBTC and custodians.”

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