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Reflecting on 16 Years since the First Bitcoin Tweet
On January 10, 2009, a significant milestone in the world of cryptocurrency occurred with the inaugural tweet related to Bitcoin, shared by Hal Finney, a notable early adopter and computer scientist. The tweet simply stated, “Running Bitcoin,” and its anniversary was commemorated by Bitcoin historian Pete Rizzo, who pointed out that this tweet emerged when Bitcoin had no monetary value, with the price starting at $0.
Hal Finney was an integral figure among the early Bitcoin users and just two days later, on January 12, 2009, he received the first-ever Bitcoin transaction from Satoshi Nakamoto, the enigmatic creator of Bitcoin. This initial tweet marked the dawn of a new financial era, leading us to a time where Bitcoin is now recognized as a substantial global financial asset. It reached a historic peak of $108,268 on December 17, 2024.
Moreover, Finney had forecasted that if Bitcoin were to establish itself as the predominant payment system, its value could potentially match the total wealth of the world, positing a valuation of $10 million for this leading cryptocurrency.
Current Indicators in the Bitcoin Market
As of the latest updates, Bitcoin’s value has seen a slight decline of 0.83% within the past 24 hours, currently standing at $94,507. One crucial aspect for analyzing market sentiment is the Short-Term Holder (STH) cost-basis model, which helps track the emotional and financial tendencies of new investors. Historically, this model has proven effective in identifying market lows during bullish phases and distinguishing market conditions.
Data from Glassnode indicates that the current price of Bitcoin is nearly 7% above the STH cost-basis, recorded at $88,135. A sustained price drop beneath this threshold could imply a decline in sentiment among new investors, often serving as a precursor to shifts in market dynamics.
Additionally, there has been a notable rise in the proportion of Bitcoin’s wealth held by newcomers, with coins that have been in circulation for less than three months now comprising 49.6% of the network’s liquidity. This trend suggests that more seasoned investors have been actively redistributing their Bitcoin during the recent market rally, while fresh demand is successfully counterbalancing the selling pressure.
This article was originally published on U.Today
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www.investing.com