Benzinga - Nearly half of all Bitcoin (CRYPTO: BTC) in circulation hasn't moved an inch in the past 2 years, as per data from Ark Investment Management's monthly report.
What Happened: According to Ark, Bitcoin's holder behavior over long-term time horizons is "stronger than ever."
The percentage of the Bitcoin supply that had not moved for two years or more closed the year at 47% — an all-time high.
Even though roughly $700 was the lowest price level where most Bitcoin in existence was mined and transacted in the early years of the Bitcoin network, Ark Invest believes the range of $16,000 to $17,500 to be the strongest area of support due to a large amount of Bitcoin being exchanged (7% of total supply) in this price range.
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The recent plunge in Bitcoin prices has been attributed to three key factors, as per Ark:
The report noted that Bitcoin's monthly volatility fell to 25% at the close of 2022, its lowest since late 2020. After a brief spike during November, December saw a welcomed dip, indicating a period of relative stability unseen since mid and late 2020 and late 2018.
Ark CEO Cathie Wood in November stood by her prediction that Bitcoin would reach $1 million by 2030.
Price Action: BTC was trading at $17,429.23, up 1%, in the last 24 hours, according to Benzinga Pro.
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