Long-time investors of Bitcoin are hoarding


The flagship Crypto, popularly referred to as Bitcoin has already printed gains of more than 800% in the last one year. Data from Google trends reveals that Nigerians have shown more interest in Bitcoin than any other nation on earth.

Though the recent crackdown by Nigeria’s apex bank on Crypto was met with outrage from many young Nigerians, data retrieved from Usefultulips reveals that in the past 30 days Nigerians led Africa with about $36 million worth of Bitcoin transactions, processed on two major P2P exchanges, including Paxful and Local Bitcoins, posting an uptick of 7% despite the ban.

READ: XRP posts a big bang, as legal tussle with SEC lingers

Crypto trading

Buying and selling remain the most popular method through which Nigerians earn a living from the crypto market; and recently during this bull market, some sophisticated investors have made money getting into IDO/IEO.

Recent data suggests that the percentage of Ethereum Addresses in Profit stands at a whopping 95% despite being at its one month low, hinting at how profitable the crypto has been for a significant number of traders.

READ: Nigeria among worst countries to start a career, and they all don’t accept crypto

📉 #Ethereum $ETH Percent Addresses in Profit (7d MA) just reached a 1-month low of 95.087%

View metric:https://t.co/BUbkntqvVb pic.twitter.com/plV5W8FmzM

— glassnode alerts (@glassnodealerts) March 27, 2021

Offering tutor services

Several new projects coming into the space put out initial offerings on exchanges or decentralized platforms and this gave people opportunities to get in early on some of these projects.

The recently concluded Initial Exchange Offering at FTX exchange, a leading crypto exchange, revealed oxygen protocol began trading with a price of $0.15 and soared as high as $4 within a period of 10 days, thereby, printing over 3500% in returns.

Over the past months, the price of crypto has increased tremendously leading tons of people to rush into the market without a proper understanding of what the market is about. These sets of new traders in search of crypto education are easy targets for those who offer educational contents in the crypto space and that represents a way for these skilled crypto aficionados to make money.

READ: Crypto market surges by $86 billion, as Bitcoin reclaims $55,000 mark

Educators are also profiting from the surge in open interests in Crypto assets because they sell out lots of contents to the new audience in the markets. There are also good returns in showcasing such skills via providing assistance to some of these crypto projects.

The crypto industry is growing and the “cryptoverse” has witnessed a recent rise in new projects meaning that there are now more opportunities in the industry.

Cryptocurrency and blockchain enthusiasts now have the opportunity to earn crypto without having to risks their capital in trading. Other skills currently in high demand in the “cryptoverse” are marketing, Crypto coding, influencers and Crypto content writing.

Bottom line: It is advisable for you to stick with the skills that you’re comfortable with and if trading isn’t one of them, you will need to be extra careful while the current bullish run is still in play.

Source: Nairametrics

#Longtime #investors #Bitcoin #hoarding

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