Connect with us

Bitcoin

There Are Now More Active Addresses Than Ever Holding Bitcoin, Hit An All-Time High Of 36,896,000

Published

on

According to data from Glassnode, the total number of nonzero Bitcoin addresses hit an all-time high of 36,896,000 earlier this Friday. This figure then fell back to around 36,770,000 on Sunday afternoon. As such, there are now more active addresses than ever holding Bitcoin.

There are now more active addresses than ever holding Bitcoin

This is clearly great news for the crypto market, as Bitcoin hits new highs thanks to cryptocurrencies and blockchain technology is becoming more mainstream. Now, with institutional, business, and retail interest in cryptocurrencies more than ever, it is only a matter of time before a new high is established for this metric. However, is this necessarily the equivalent of a bullish signal?

Advertisement

Let’s take a look at the numbers. At the height of Bitcoin’s last bull run, a total of 28 million BTC addresses were active. As the price of Bitcoin dropped from a then-high of $ 19,000 to $ 6,000, that number plummeted by nearly 7 million, or 25%.

there-are-now-more-active-addresses-than-ever-holding-bitcoin-hit-an-all-time-high-of-36896000

But strangely enough, there has been no clear correlation between the two variables since. While the price of the major cryptocurrency continues to fluctuate, the number of other addresses has not only continued to steadily increase. Furthermore, when Bitcoin plummeted 50% on March 12, 2020, the total number of nonzero addresses actually increased.

The main difference between the two examined time periods is that Bitcoin is basically no longer just a suitable investment. The number of crypto ATMs around the world has grown by 750% since 2018, according to Statistica. Just this year, fintech giants Square and Paypal began facilitating crypto payments, with large coThere are now more active addresses than ever holding Bitcoin, hit an all-time high of 36,896,000 rporations like Microsoft accepting Bitcoin as a valid form of payment.

Advertisement

Historical data indicates that the number of nonzero addresses is no longer a variable dependent on BTC’s price action since late 2017 and early 2018. Hence, we can conclude that the total increase in the number of addresses will not be directly equivalent to Bitcoin’s rise in price. However, the strong growth in the number of wallets shows that Bitcoin has more room for development.

News Source

Advertisement

Bitcoin

Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

Published

on

The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

Advertisement

Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

Advertisement

That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

News Source

Advertisement
Continue Reading

Bitcoin

s are now selling ‘way more’ US Dollars to buy Bitcoin

Published

on

El Salvador’s mainstream Bitcoin (BTC) adoption gains momentum during the ongoing bull run as citizens increasingly exchange their United States dollar savings for Bitcoin. 

President Nayib Bukele shared this new development on Twitter based on the data acquired from El Salvador’s in-house wallet service, Chivo. President Bukele said:

“People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.”

He also urged media outlets to independently confirm the above information by visiting the ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”

Advertisement

The increase in USD to Bitcoin conversions within the jurisdiction reflects a change in investor sentiment, which initially faced resistance during adoption from the general public. Moreover, the Salvadorean government offers various subsidies for using Bitcoin such as fuel subsidies and tax exemptions. 

El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada.

Advertisement

A Cointelegraph report shows that El Salvador exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, mainly to facilitate local Bitcoin transactions and Bitcoin to U.S. dollars conversions.

Recently, the Salvadorean government announced to build a $4 million veterinary hospital using the profits attained during the Bitcoin bull market. According to President Bukele, the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area: “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”

News Source

Advertisement
Continue Reading

Bitcoin

Why Bitcoin ETF Is Such A Big Deal and May Push Bitcoin Above $100k?

Published

on


Amid a global regulatory crackdown on cryptocurrencies, the U.S. SEC’s approval of a Bitcoin (BTC) Exchange-Traded Fund (ETF) has come as a pleasant surprise to the Bitcoin community. The most awaited ProShares Bitcoin Strategy ETF is reportedly launching as early as Monday, October 18. This ETF is going to be traded with a ticker symbol of BITO and will track Bitcoin futures.

Bitcoin rallies towards $100K

Instead of achieving regulatory green light, Bitcoin price crossed $62K this morning with a slight correction, BTC continued to stand strong at $61.5K, at the time of reporting. The market is raging with speculation of Bitcoin crossing $100K with this ETF. The timing could not have been better as the fourth quarter has commenced the holiday season bull run, with trader bonuses flooding in as cryptocurrencies take to an upward graph. Since the beginning of October, when the potential BTC ETF began gaining mass traction, the impact on Bitcoin prices also became evident.

According to a Bloomberg report, this Bitcoin ETF will further the institutional adoption of the decentralized sphere, specifically focused on Bitcoin. “An ETF should provide greater ease-of-use for retail investors looking to ride Bitcoin’s often hair-raising ups and downs. Like securities tracking oil and gold, it will change hands on relatively familiar U.S. stock-market venues, rather than in cryptocurrency or futures exchanges whose workings are imposing to some users.”

Regulatory approval can make or break a token

The frequently validated fact that regulatory approval radically helps the growth of cryptocurrencies, despite it being a decentralized and unregulated market, continues to gain credibility. XRP is one of the most prominent examples of how drowning in a regulatory puddle may keep certain tokens into a bear rut, while the rest of the industry leaps into the bullish phase. Due to the ongoing XRP lawsuit against Ripple, the XRP community continues to suffer as the fourth quarter has not helped XRP so far. The community blames the SEC for stretching the lawsuit intentionally so that XRP skips this bull run.

Advertisement

News Source

Continue Reading