September 2020 though remained favorable for the crypto world however the founding cryptocurrency, Bitcoin, which has been dominating all other cryptocurrencies of the world, remained only a seeker of things going in its way. Yet the overall performance of Bitcoin during this month remained much debatable and needed more consideration.
According to recent statistics, it is reported that while the holders are able to gain considerably yet the number of speculators is almost to none. Some experts from the industry were of the view they expect that the bull run is right in the corner.
An asset manager Mr. Grayscale in his recently published report under the heading “Valuing Bitcoin” said that the prevailing circumstances i.e. HodlerVs. Speculator Index is evidently going against the desired results and the time has come where Bitcoin is likely to witness bullish divergence. He further stated that the overall performance of Bitcoin during this year can be equated with what it was in the year 2016. This means that instead of going up, Bitcoin is gradually declining which is helping a lot to other cryptocurrencies to flourish, fill the vacuum and take a lead over Bitcoin.
Serious steps will need to be taken if Bitcoin wants to maintain its dominance within the crypto world, said the account manager, Mr. Grayscale.
HSI measures Bitcoin activity from wallets in order to give an impression of how network participants are using BTC — and market sentiment as a result.
The data, compiled from on-chain analytics resource Coin Metrics, label coins that have not moved in one to three years as “hodler” coins. “Speculator” coins are those which have moved at some point in the past 90 days.
The result determined from the data collected by Coin Metrics for looking at the comparative analysis of the past and present performance of holder against speculator, suggest that till the month of August this speculator coins were vanishing while on the other hand, the coins relating to holders are growing in multiple numbers.
According to Cointelegraph, Bitcoin is undergoing a state of 2016.