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25 September 2022
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Cryptocurrency Market Update: Bitcoin resumes the decline, major altcoins follow the lead

  • Over 95% of all Bitcoin addresses have zero balances.
  • BTC/USD resumed the decline after a failed attempt to break above $9,500.

Bitcoin is by far the most popular cryptocurrency; however over 95% of Bitcoin addresses have zero balances, according to the recent report published by Glassnode.

The researches found out that Bitcoin outperforms other large digital assets in terms of daily active addresses. Also, the number of addresses holding over one coin reached a record high of 815,698 after the halving.

However there is a fly in the ointment as the researches pointed out that about 95% of 626 million Bitcoin addresses have zero balances, which brings into question the real growth rate of Bitcoin network.

Top-3 cryptocurrencies price updates

Bitcoin (BTC) has recovered from the intraday low of $9,208, however, the recovery bumped into resistance created by $9,500-$9,550 area reinforced by the lower line of the 4-hour Bollinger Band. At the time of writing, the first digital asset is changing hands at $9,280, down 2.5% since the beginning of the day, and nearly 4% on a day-to-day basis. A strong move above $10,000 is needed to improve the technical picture and bring more buyers to the market. However, at this stage, range-bound trading with bearish bias looks more likely with the critical support at $9,000.

Ethereum attempted to recover above $211.00 on Thursday but quickly retreated to $204.50 ahead of the US opening. The second-largest digital asset needs to regain ground above $210.00 to improve the technical picture and allow for a sustainable move towards this week’s high at $217.00.

XRP/USD dived below $0.2000 after consolidation in the middle of $0.2000-$0.2100. The coin is changing hands at $0.1970 amid growing bearish sentiments. The next support comes at $0.1930.

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