The Number of Bitcoin Active Addresses Reached the Highest Level in Two Years, What Does It Say?
In the so-called Bitcoin bull market,The number of active addresses on the Bitcoin network has reached a high of over 1 million this week.This is the largest number of active addresses recorded since January 2018, according to data from analytics firm Glassnode.
Data is based on a 7-day moving average, which is the sum of active addresses divided by the number of days in a 7-day period.
Bitcoin recently breached the $10,000 price level and managed to stay above that range, unlike previous rapid falls.It even rose to over $12,000, but then fell briefly to $11,000.
The fact that Bitcoin has remained above this level for a long time has fueled hopes among crypto enthusiasts for a rise to even higher levels. There are even high hopes and confidence that Bitcoin will reach a new all-time high in 2020.
According to a weekly report by Glassnodes,Despite the short-term price volatility, the sentiment for Bitcoin remains bullish in the long-term.
The on-chain analysis firm said its conclusions were based on promising fundamentals for Bitcoin, one of which was a significant increase in active addresses. therefore,A new high in the number of active addresses could be a confirmation of higher price levels.
An active address is an address that has engaged in any form of transaction in the last 24 hours, which is also an indicator of the popularity of a cryptocurrency, meaning thatBitcoin is more popular now than it has been since 2018.
This is not surprising, as Bitcoin has recently staged a major price rally, the largest since the start of 2020.
Looking ahead, Bitcoin is expected to continue rising as more investors continue to enter the space. Other fundamental data such as the number of addresses with 1 or more bitcoins, the number of unique addresses, and several others also showed significant growth, further suggesting thatMomentum is gathering.
That’s despite Bitcoin’s slamming hit at $12,000 on Sunday, a move that resulted in hundreds of millions of dollars’ worth of buy-side liquidations, as well as millions of dollars in sell-side liquidations.
According to a cryptocurrency trader, Bitcoin’s breakout and hold above $11,500 could take the asset to $14,000.
And GalaxyDigital CEO, former Goldman Sachs partner Mike Novogratz (Mike Novogratz) also said,Bitcoin will reach $14,000 in the next few months.The investment veteran cited the way central banks print money, which is boosting the intrinsic value of scarce assets like bitcoin.
International Bullion co-founder Dan Tapiero confirmed this sentiment, saying,A drop in the U.S. dollar against the yen boosted demand for bitcoin and gold.
Bitcoin is currently trading at$11436, in the past 24 hoursThe original text comes from newsbtc, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
The original text comes from newsbtc, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
