BTC Observes Growing Holder Numbers Amid Anticipation of BTC Spot ETF Approval: Will Bitcoin Rise or Fall?

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  • Santiment reported that certain crypto networks observed a substantial growth in the first week of 2024.
  • Based on the report, BTC and ETH have 52.6 million and 112.1 million total amount of holders, respectively. 
  • BTC is currently priced at $43,619.70 after experiencing a 3.02% surge in seven days.

Earlier today, Santiment, an on-chain market analytical platform, reported that certain crypto networks observed substantial growth in the first week of 2024. Based on Santiment’s report, the number of wallets with more than zero coins has grown. BTC and ETH have 52.6 million and 112.1 million total holders, respectively. 

Meanwhile, XRP, experienced +26% one-year growth, as the total number of holders is currently valued at 4.9 million. ADA and DOGE have 4.5 million and 5.7 million total holders after witnessing +38% and +22% one-year growth, respectively. LINK has 711.3K total holders after experiencing 11% one-year growth. 

There may be a chance that the substantial growth in the crypto network in the first week of 2024 could be related to the anticipation of BTC spot ETF approval, which may happen this week. According to CoinMarketCap, BTC is currently priced at $43,619.70 after experiencing a 3.02% surge in seven days. However, over the 24 hour period, the crypto leader faced a fall of 0.97%. 

BTC/USD 4-Hour Chart (Source: TradingView

Looking at the above chart, the candlesticks have been trading near the $40K-$45K level since the start of December 2023. Meanwhile, 2024 provided a chance for BTC to break through the $45,938 level; however, it failed to complete a mission. Instead, the crypto leader faced a price correction in response to the overbought price surge. 

The current red candlesticks have made BTC touch the bottom Bollinger Band. If the SEC approves the BTC spot ETF proposal, analysts believe that BTC may experience another overbought surge, as it has been previously reported that 88% of financial advisors are waiting to invest. In contrast to the bullish predictions, BTC may also face a fall as some traders may liquidate their assets to make large profits in a short period of time.

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