On Friday, August 7, the price of Bitcoin rises. The first cryptocurrency reached a price of $11,819.28.
Bitcoin is adding about a percent per day, clinging to $11,800. During the day, buyers tried to push the coin towards $12,000, but faced resistance. Cautious optimism reigns in the market, which is facilitated by the positive dynamics of altcoins. Bitcoin Cash (BCH), together with an anonymous DASH, adds more than 10% per day.
The “Greed and Fear Index” is still in the “extreme greed” area, and, as can be seen, doesn’t trigger a market correction for now. Demand is driven by the desire of investors for high-yield assets, which is reflected in the growth of open interest in futures on the largest exchanges at a new all-time high of $5.6 billion (as of August 1).
Nevertheless, analysts at Glassnode noted that retail investors having a significant impact on the market as well. In the course of the past five years, the percentage of owners of wallets with less than 10 BTC has increased from 5.1% to 13.8%, while the number of wallets from 100-100,000 BTC has decreased from 62.9% to 49.8%.
JPMorgan highlighted that the younger generation prefers Bitcoin, while the older generation has historically preferred gold.
It is worth noting that the growth of retail Bitcoin holders, especially if they use the coin to acquire the goods or services they need, is probably one of the best things that could happen to Bitcoin in the context of its prospects.
