Bitcoin, Ethereum and Dogecoin surge to all-time highs as BTC wallets surge: Analysts say it will be so long before King Crypto makes the ‘big move’ Bitcoin, Ethereum and Dogecoin surge as the number of wallets containing BTC hit all-time highs

July 10, 2023 10:52 p.m | 2 minutes read

According to Glassnode data, the top cryptocurrencies traded in positive territory Monday night as the number of wallets holding at least one bitcoin hit a record-breaking 1,008,737 million.

cryptocurrency	gains +/-	Prize (Recorded at 9:30pm EDT)
Bitcoin (CRYPTO: BTC)	+1.69%	$30,578
Ethereum (CRYPTO:ETH)	+1.56%	$1883
Dogecoin (CRYPTO:DOGE)	+0.92%	$0.065

What happened: The growing proliferation of wallets with at least one bitcoin indicates an increase in decentralization within the network.

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In May, the number of wallets containing at least one bitcoin surpassed the one million mark and has been steadily increasing ever since.

Top Gainers (24 hours)

cryptocurrency	gains +/-	Prize (Recorded at 9:30pm EDT)
mine	+17.04%	$0.50
polygon	+9.42%	$0.7413
Wrapped BTC	+9.09%	$30,497.39

At the time of writing, the global crypto market cap was $1.19 trillion, up 1.67% over the last day.

US stocks rallied on Monday, signaling a positive turn for Wall Street after a challenging week. Investors braced for the upcoming inflation data and the start of the second quarter earnings season.

The S&P 500 showed an increase of 0.24%, while the Nasdaq Composite recorded an increase of 0.18%. Later this week, the CPI report is due out on Wednesday, followed by the PPI, which measures wholesale price pressures, on Thursday.

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Analyst Notes: “Bitcoin received a strong vote of confidence from Standard Chartered with a price target of $50,000 this year and $120,000 by 2024. Miner profitability was a key reason for the increased price targets, but that might not be that easy given the Electricity costs are rising and rising excessive debt payments,” wrote Edward MoyaSenior Analyst at OANDA.

He added, “Bitcoin appears to be range bound, but it could remain so as we may have to wait months for any concrete ETF updates.”

Pseudonymous trader Altcoin Sherpa said we may have to wait about eight months for the next bitcoin bull run. According to the trader, Bitcoin’s price action appears to be bullish on the weekly timeframe chart as it is currently trading above its main exponential moving averages (EMAs) and resembling a similar pattern from 2019.

“We can see within a week that all EMAs are clustering and getting tighter. This usually means the price is going down and a big move is imminent.”

Photo courtesy: Shutterstock.com

continue reading: Jim Cramer advises against using Binance, prompting strong reactions from Twitter users

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