There hasn’t been this many Bitcoin investors since 2017; Will BTC’s price follow?

2020-8-5 15:00

The past year has been a period of immense growth for Bitcoin from a fundamental perspective, with it now being arguably more strong than ever before.

Multiple metrics highlight this strength, including BTC’s hash rate hovering around an all-time high, transaction volume trending upwards, and the growing number of new wallet addresses.

The growth in the number of new addresses comes as the number of “unique entities” interacting with the network also reaches the highest levels it has been since late-2017.

This means that there is an abundance of new users within the crypto ecosystem who are all interacting with Bitcoin and its network.

Analysts at Bloomberg point to this metric as one of the bullish factors currently underpinning the benchmark cryptocurrency.

They believe that as long as this metric continues trending higher, Bitcoin’s price will follow suit.

Unique entities interacting with the Bitcoin network hits fresh post-2017 high

The strong price action seen by Bitcoin – coupled with its growing recognition as being a “hard asset” – has attracted a significant number of new investors and users to the cryptocurrency.

This trend is clearly indicated while looking towards the number of unique entities interacting with the blockchain, which just reached its highest point seen since late-2017.

Analytics platform Glassnode offered insight into this metric’s growth, putting forth a chart showing that it has been surging since the start of the year.

“The number of unique entities appearing for the first time in the Bitcoin network is surging. This growth rate is the largest we have seen since late 2017.”

Data Source: Glassnode

Because this points to an influx of new market participants, it does not appear that the recent price appreciation seen by Bitcoin is unwarranted.

Bloomberg analysts: BTC price likely to follow active address count

Analysts at Bloomberg believe that Bitcoin’s price will rally higher based on this fundamental growth.

They note that the digital asset’s price is likely to move in sync with the number of active addresses.

In the near-term, they claim that this metric suggests that it has a fair value of $12,000.

“The number of active Bitcoin addresses used… suggests a value closer to $12,000, based on historical patterns. Reflecting greater adoption, the 30-day average of unique addresses from Coinmetrics has breached last year’s peak.”

Data Source: Bloomberg Terminal

Bitcoin’s price did reach as high as $12,000 just this past weekend, but it faced a massive influx of selling pressure at this level that caused it to decline back to $11,000.

Nonetheless, the strong fundamental base that Bitcoin is currently sitting upon does seem to warrant it seeing further upside in the months ahead.

The post There hasn’t been this many Bitcoin investors since 2017; Will BTC’s price follow? appeared first on CryptoSlate.

origin »

Bitcoin (BTC) на Currencies.ru

$ 83200.32 (+0.12%)
Объем 24H $55.134b
Изменеия 24h: 4.59 %, 7d: -4.90 %
Cегодня L: $82789.04 - H: $83265.49
Капитализация $1650.323b Rank 1
Цена в час новости $ 11588.3 (617.97%)

bitcoin btc follow 2017 price hasn investors

bitcoin btc → Результатов: 126


Фото:

El Salvador Buys The Dip Scooping Up 5 BTC — Despite IMF Pressure To Back Off Bitcoin

El Salvador bought a further 5 BTC for its national reserve, worth roughly $415,000, as the top crypto nosedived to sub-$83,000 on Monday, reversing Sunday’s price rally to $95,000. Continuing A Bitcoin Purchase Streak According to the El Salvador National Bitcoin Office, the Central American nation purchased 5 BTC, which is four more than its […]

2025-3-5 21:15


Bitcoin Market Dominance Faces a Challenge as This AI Altcoin is Set for 22,000% Gains

Many were left stunned after seeing Bitcoin (BTC) achieve milestone upon milestone but witnessing altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) fail to pump by a meaningful amount. Now, after three straight months of Bitcoin (BTC) dominance, it seems the altcoin market is ready to push back with a major inflow of investments [...]

2025-2-12 02:00


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51