Major cryptocurrencies traded in positive territory on Monday evening as the number of wallets holding at least one Bitcoin reached a record-breaking 1,008,737 million, according to Glassnode data.
What Happened: The growing distribution of wallets with a minimum of one Bitcoin indicates a surge in decentralization within the network.
In May, the number of wallets holding at least one bitcoin surpassed one million and has been steadily increasing ever since.
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At the time of writing, the global crypto market capitalization stood at $1.19 trillion, an increase of 1.67% over the last day.
US stocks rebounded on Monday, signaling a positive turn for Wall Street after a challenging week. Investors were bracing themselves for upcoming inflation data and the beginning of the second-quarter earnings season.
The S&P 500 showed a 0.24% increase, while the Nasdaq Composite saw a gain of 0.18%. Later this week, the consumer price index report is scheduled to be released on Wednesday, followed by the producer price index, which measures wholesale price pressures, on Thursday.
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Analyst Notes: "Bitcoin got a strong vote of confidence from Standard Chartered, with a price target of $50,000 this year and $120,000 for 2024. Miner profitability was one of the key reasons for the elevated price targets, but that might not be as easy as electricity costs grow and over-surging debt payments," wrote Edward Moya, Senior Analyst at OANDA.
He added, "Bitcoin appears locked in a range, but that might continue as we may have to wait months before getting any concrete ETF updates."
Pseudonymous trader Altcoin Sherpa said that we may have to wait about eight months for the next Bitcoin bull run. According to the trader, Bitcoin’s price action on the weekly time-frame chart appears bullish, as it currently sits above its major exponential moving averages (EMAs), resembling a similar pattern seen in 2019.
"We can see on the one-week, all of the EMAs are clumping together and tightening up. This usually means that price is compressing and a big move is coming.”
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