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Active Bitcoin addresses surged 30% in late July, data shows

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Amid a renewed bullish trend on the cryptocurrency markets over the past few weeks, more users have moved into trading Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization.

Data from blockchain analytics platform Glassnode shows that Bitcoin has seen a notable surge in terms of active addresses in the past week of July, with active BTC entities rising 30% from 250,000 to 325,000 active users.

According to Glassnode’s seven-day exponential moving average statistics of active Bitcoin entities, this is the biggest surge recorded after the number of active Bitcoin entities dropped 41% from 425,000 in January to below 245,000 addresses in early July. The current level of Bitcoin activity corresponds to levels maintained in July 2020, when Bitcoin was trading around $11,300, Glassnode noted.

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#Bitcoin has seen a resurgence in Active Entities over the past week, rising by 30% from 250k to 325k active entities per day.

This degree of activity was sustained in July 2020 when $BTC prices were around $11.3k in Q2-2020.

Alongside a significant uptick in active Bitcoin users, BTC investors have been accumulating larger amounts of the cryptocurrency in late July.

According to data from analytics company Santiment, the amount of Bitcoin held on addresses storing 100-to-10,000 BTC hit 9.23 million Bitcoin ($364 billion) as of Aug. 1, which is a new all-time high for this group of investors. The previous all-time high took place on April 5, just one week before Bitcoin price broke an all-time high above $64,000.

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Related: Betting on tax bill FUD: 5 things to watch in Bitcoin this week

“In the last four weeks, these addresses have accumulated approximately 170,000 more BTC. This staggering pace was last matched in late December 2020, right before a massive bull run kicked off in 2021 where prices jumped from $29.0k to $40.8k in the year’s opening week,” Santiment noted.

Addresses holding between 100 to 10,000 BTC. Source: Santiment
The latest growth in Bitcoin activity comes amid the BTC steadily gaining momentum after Tesla CEO Elon Musk disclosed that his firm SpaceX owns Bitcoin on July 22. The CEO also said that Tesla was planning to resume crypto payments for vehicle purchases, citing the increasing percentage of renewable energy used for Bitcoin mining. Musk is known for being likely to contribute to Bitcoin’s price crash earlier this year, cutting BTC payments for Tesla in May due to the rapid increase of fossil fuel usage for Bitcoin mining.

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Bitcoin

The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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

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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.”

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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.

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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.

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