El Salvador’s Bitcoin holdings climb to 6000, worth over $559M
2024-12-30
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Since the past few years the adoption of Bitcoin has seen staggering growth, with some known nations acquiring huge Bitcoins yet institutional investors, individuals, and whales have also contributed to this surge. 
In a most recent development, El Salvador got the title of 6th nation to hold the highest BTC, after the purchase of one more Bitcoin on December 29 its total holdings reached 6000.77 BTC. 
At the time of writing the total BTC held by El Salvador was valued at over $559 million, at the same time Bitcoin was trading at $93,279 with a weekly decline of 2.33 percent.
As per the available information, investing in Bitcoin by El Salvador has grown over 108 percent with an average purchase of one coin at $45,450.
In terms of the nation’s official holding of Bitcoin, the United States holds the highest BTC closely followed by China, the United Kingdom, and a few others. 
However, as per experts the growing adoption of Bitcoin by some specifics could create a risk of centralization over Bitcoin untimely triggering the main aim of cryptocurrencies and Bitcoin of decentralization.
Despite facing severe criticism over the Bitcoin purchase strategy, El Salvador and its youngest president remain proactive towards the purchase of Bitcoin and legalizing it in late 2021.Nation’s adoption could create a risk of centralization over Crypto. 
Yes, there are chances that the growing adoption of Bitcoin by some developed nations could risk the primary aim of cryptocurrencies which is decentralization. 
However, the adoption among individual investors could help Bitcoin flourish further, yet on the other hand, limited buying by nations will help the digital asset market to flourish at a greater pace in the coming future. 
After the historical victory of Donald Trump, the market is expecting a good set of rules and regulations for the cryptocurrency market, especially Bitcoin. The pioneer could flourish and might become more popular than Gold and other commodities and assets.Bitcoin Price Updates 
At the time of writing, Bitcoin was trading at $93,279 with a weekly decline of 2.33 percent, and press time trading prices were below the 20-day exponential moving average, besides the 50-day moving average and above the 100 and 200-day EMA.Source: TradingView 
According to the data from TradingView, the prices of Bitcoin fell over 3.23 percent in the past 30 days, yet it remains 121 percent up in the YTD frame and 127 percent in the 52-week time frame.
At the press time, the dominance of Bitcoin over the wider market was 57.74 percent with a decline of 1.93 percent in the past seven days. 
Dozens of crypto and finance experts speculate that in the coming future Bitcoin price could surpass the milestone of $150k, most recently it registered an ATH near $109k, but remains in the territory of $108. 
Yet before investing in cryptocurrencies or any such asset it’s mandatory to understand the basics and fundamentals of that specific investable commodity or asset. 