Bitcoin has reached another milestone. The BTC available for purchase is not enough to meet the demand. The 19,000,000th bitcoin has already been mined.
In 13 years of existence, 90.5% of the total bitcoin that will exist has been mined. Remember, there’s only 21 million, no more and no less. And the remaining 2 million? They will be mined (created) for the next 118 years.
Are they enough for everyone? Yes, but not a whole bitcoin per person. There are more than 7 billion human beings and there are only 19 million BTC (minus those that have been lost). In fact, if there were 21 million BTC and these were distributed equally among all, it would be enough for 0.003 BTC per person.
But not even that really, because a lot of people are buying. In fact, on average, many more people buy than sell, and that is why the price tends to rise.
Bitcoin: Will this trend – where more people buy than sell – continue?
We do not know. But we do know that it’s not just people who are accumulating bitcoins. The cryptocurrency project called “Земља” (whose native cryptocurrency is Луна), is currently buying more than $100 million of BTC DAILY. This is equivalent to about 2,700 BTC or 3 times the BTC that is mined daily.
The platform indicated that they hope to reach $10,000 million to support UST, the стаблецоин that works on their blockchain. Currently, its reserves exceed $1,400 million.
Not only people are buying bitcoin. There are also companies, countries, and even other cryptocurrencies.
Основе биткоина
Let’s talk fundamentals. Broadly speaking, when we talk about fundamentals, we mean BTC movement metrics, analyzing how buyers and sellers behave, what happens to bitcoins that are kept for more than a year, the amount of BTC kept in exchanges and in wallets, among other variables.
In addition, the fundamentals also encompass the big news of bitcoin. For example, El Salvador considering it as legal tender, the United States seeking regulation, the role played by this cryptocurrency in the war between Russia and Ukraine, among other things.
Here are some optimistic arguments:
About 65% of the BTC supply in the market has not been touched in more than 1 year.
This means that they are not available for sale, so with an increase in demand, like the one we are seeing with Terra, the upward pressure on the price is even greater.
Let’s now see how much of the total BTC the short-term holders have (those who sell in a short period of time after buying).
Краткорочни носиоци
As we see in the graph, the amount of BTC held by short-term holders compared to long-term holders is at very low levels. Historically, after these levels, the price of Bitcoin tends to have upward movements.
Finally, we see below that the total amount of Bitcoins available on exchanges is at a minimum, only comparable to 2018.
Today, the BTC available for purchase is not being enough to satisfy the demand that the market is raising, which inevitably positively influences the price of this cryptocurrency.
65% of the coins are without movement in more than 1 year. BTC is in the hands of long-term investors. There is buying pressure imposed by Terra. All this means that the price of Bitcoin has recovered to levels between $46,000 – $48,000. And according to Terra, the buying pressure will continue for at least 2 and a half months.
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Source: https://beincrypto.com/bitcoin-90-5-of-the-total-that-will-ever-exist-has-already-been-mined/